Could FedEx (FDX Stock) fall to a new 52W low level?

Today’s instrument is the FedEx corporation traded in NYSE under the ticker FDX.

Looking at the FDX’s chart, we can see that after last week’s announcement of its much worse-than-expected quarterly earnings, the stock keeps on losing value, dropping from the level of around $210 to the current level of around $153.25 which is its 52W low.

Today, if it manages to stay above that level, then we could expect it to rise towards its resistance level at around $163 otherwise it should fall to a new 52W low level.