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

By Shiri Gupta

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 $35.29 and $35.37 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.

Xerox Corp share prices have moved between a 52-week high of $35.52 and a 52-week low of $18.58 and are now trading 90% above that low price at $35.36 per share. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 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.

Xerox Corp has overhead space with shares priced $35.36, or 5.1% below the average consensus analyst price target of $37.25. The stock should discover initial support at its 50-day moving average (MA) of $33.20 and subsequent support at its 200-day MA of $28.76.

SmarTrend recommended that subscribers consider buying shares of Xerox Corp on June 6th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $33.79. Since that recommendation, shares of Xerox Corp have risen 4.9%. 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