FedEx Corporation (NYSE: FDX) stock hit a new 52-week low today after cutting its earnings forecast for the current quarter this morning, citing higher fuel prices. FedEx now expects a profit of $1.45 to $1.55 per share for its fiscal quarter ending November 30, below its previous forecast of $1.60 to $1.75. Analysts had been expecting $1.70 per share.If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on FDX.

After hitting a one-year high of $121.42 in February, the stock has slid slowly lower since. This morning, FDX opened at $98.39. So far today the stock has hit a low of $96.10 and a high of $98.39. As of 11:05, FDX is trading at 97.00, down 4.37 (-4.3%). The chart for FDX looks bearish but improving slightly, while S&P gives the stock a very positive 5 STARS (out of 5) strong buy rating.

For a bearish hedged play on this stock, I would consider a January bear-call credit spread above the $110 range. A bear-call credit spread is an options position that combines the purchase and sale of call options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make a 9.9% return in 9 weeks as long as FDX is below $110 at January expiration. Fed Ex would have to rise by more than 12% before we would start to lose money. Learn more about this type of trade here.

FDX hasn't been above $110 since early September, and has steadily fallen since that time. The stock has shown resistance around $104 recently. This trade could be risky if the company's fuel costs lessen if oil prices drop off some, but even if that happens, this position could be protected by some resistance at FDX's 200-day moving average, which is currently at $109 and falling.

Brent Archer is an options analyst and writer at Investors Observer.

DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about. At publication time, Brent neither owns nor controls positions in FDX.