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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Xerox (NYSE:XRX) based on the price action in the company's shares. Yesterday's price range of $8.98 and $9.16 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 may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 34.0% exists for Xerox, based on a current level of $9.07 and analysts' average consensus 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.

In the past 52 weeks, shares of Xerox have traded between a low of $8.48 and a high of $11.86 and closed yesterday at $9.07, which is 7% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.2%.

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

Keywords: bullish am inside day candle xerox

Ticker(s): XRX