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Possible Bearish Inside Day Candle Pattern Detected for Xerox Corp (NYSE:XRX)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Xerox Corp (NYSE:XRX) based on the price action in the company's shares. Today's price range of $32.43 and $32.43 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Xerox Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 14.9% exists for Xerox Corp, based on a current level of $32.43 and analysts' average consensus price target of $37.25. The stock should discover initial support at its 50-day moving average (MA) of $28.55 and subsequent support at its 200-day MA of $26.60.

In the past 52 weeks, shares of Xerox Corp have traded between a low of $18.58 and a high of $33.08 and are now at $32.43, which is 75% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 3.3% while the 200-day MA has risen 0.4%.

Xerox Corporation develops document management technology solutions. The Company offers workflow automation, enterprise content management, document transaction processing, packaging printing, and managed print services. Xerox serves banking, education, government, healthcare, manufacturing, and retails industries worldwide.

SmarTrend recommended that subscribers consider buying shares of Xerox Corp on January 9th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $21.87. Since that recommendation, shares of Xerox Corp have risen 50.5%. We continue to monitor XRX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle xerox corp

Ticker(s): XRX