FedEx heads into Tuesday afternoon's earnings deep in a bear market.

The delivery company has slumped nearly 40% from a 52-week high set last September, almost double the 20% decline that delineates a bear market from a correction. It has also held flat for the year, tracking for its smallest annual move ever.

But John Petrides, portfolio manager at Point View Wealth Management and a FedEx shareholder, said if the company falls short on earnings, it could mark a buying opportunity.

"Longer term, you're off 38% from your highs, the barriers to entry are so hard to penetrate on FedEx and at the current valuation, it's a no brainer," Petrides told CNBC's "Trading Nation" on Monday. "If you get a sell-off tomorrow you look to add to it or buy."

FedEx has missed analysts' estimates twice in the past three quarters, which kicked off an average 7% decline in the stock. Those losses have pushed the company's forward price-to-earnings ratio below 10, a cheap valuation compared with the S&P 500's 17 times multiple.

It could spiral to one of its lowest levels of the year before finding a level of support, says Ari Wald, head of technical analysis at Oppenheimer.

The stock is "trying to stabilize at $151. There's support here, that's the December low," Wald said during the same segment.

A decline to $151 represents 6% downside from its current price, a level briefly touched at the beginning of June. It has not traded firmly below that level since mid-2016.

However, another technical indicator could be throwing up a red flag for the stock, he said.

"Look at the 200-day moving average. It's still sloped definitively lower. That is indicative of a lower trend," Wald said. "It suggests strength should be sold rather than weakness bought. The stock is also making a new relative low versus the market. So instead of FedEx, I'd put you in a sector SPDR that tracks industrials."

While FedEx has held flat this year, the XLI industrials ETF has rocketed 20% higher in one of the best performances on the S&P 500.

Disclosure: Petrides and certain clients of Point View Wealth Management have positions in FedEx.

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