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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Xerox Corp (NYSE:XRX) based on the price action in the company's shares. Yesterday's price range of $30.54 and $31.03 is within the prior day'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. Traders and investors interested in shares of Xerox Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Xerox Corp has overhead space with shares priced $30.82, or 17.3% below the average consensus analyst price target of $37.25. The stock should hit resistance at its 50-day moving average (MA) of $31.29, as well as support at its 200-day MA of $30.17.

Xerox Corp share prices have moved between a 52-week high of $36.58 and a 52-week low of $18.58 and closed yesterday at 66% above that low price at $30.82 per share. The 200-day and 50-day moving averages have moved 0.45% higher and 1.51% lower over the past week, respectively.

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 is monitoring the recent change of momentum in Xerox Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Xerox Corp in search of a potential trend change.

Keywords: bullish am inside day candle xerox corp

Ticker(s): XRX