One of the stocks we analyzed in Tuesday's Daily Market Commentary webinar was FedEx Corp. (FDX), which just released its latest quarterly earnings after the closing bell on June 19, beating revenue estimates by $60 million and earnings estimates by $0.23 per share – coming in at $17.3 billion and $5.91 per share, respectively.

FDX was recently able to break above resistance at $255 – a level that has been in place since early February – as the U.S. economy has remained strong and the company has been able to charge higher rates for its services. However, the same price level that has been serving as resistance for most of 2018 is now being challenged as support at the stock re-tests it to see if it will hold. It held well during trading on Tuesday and continued to hold after the closing bell in the aftermath of the earnings release, but this could be a make or break level for the stock in the coming months.

If FDX can hold above support at $255, it has an excellent chance of climbing back to its January highs just below $275. But if traders look at the company’s strong earnings as an opportunity to sell into strength and take some profits off the table as the “trade war” rhetoric between the United States and China heats up, FDX could find itself back down at $245, or lower, in no time at all.