Support is now clear along the 200MA after yesterday's bounce, more upside on the way?

Taking a look at FedEx ahead of its earnings this week. Media reports have stated that the company has been in discussion with Amazon regarding a partnership as competition for returning packages intensifies. However, these rumours have not yet been confirmed. Currently, its stock is trading at around $256.66 a share. Based on the daily chart, we can see that the stock has found support around $234.46 as it has now rallied above its 200-day moving average. Following the break higher, the price pulled back towards the moving average for a test of support and yesterday it bounced off it. This may suggest that a new support along the 200MA is now present, reading $251.62. A break below could see a dip towards the support of $247.45 for a re-test. However, the short-term momentum has now turned bullish and the upside area has been highlighted using a channel. If the stock manages to break above the resistance of $258.23 (this year’s high), then it would increase the likelihood of an extension towards the upper half of the channel, or respectively, $265-$270. The technical indicators are now also positive, with the MACD rising (not yet overbought) and the RSI reading 65.