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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Xerox (NYSE:XRX) based on the price action in the company's shares. Today's price range of $9.99 and $10.12 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 21.5% for shares of Xerox based on a current price of $10.00 and an average consensus analyst price target of $12.15. The stock should run into initial resistance at its 200-day moving average (MA) of $10.20 and subsequent resistance at its 50-day MA of $10.52.

Over the past year, Xerox has traded in a range of $8.48 to $11.86 and is now at $10.00, 18% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has remained constant.

Xerox Corporation develops, manufactures, markets, services, and finances a range of document processing products and services for use in offices around the world. The Company also, through subsidiaries, provides network management, consulting, design, and integration services for medium and large companies.

SmarTrend is tracking the current trend status for Xerox and will alert subscribers who have XRX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle xerox

Ticker(s): XRX