Trade Idea - Xerox
Monday, October 22, 2007
Shares of Xerox "XRX" are acting very well today after Citigroup upgrade stock to Hold from Sell. Looking at the daily chart, we can see that stock is presently trading between its 50 dma and 200 dma, trying to gain momentum to breakdown or breakout. Today upgrade could be a good tone for Bulls buy stock again and push it to a new uptrend, due to the fact that currently all indicators are in the Bearish territory and any good news could put some pressure in shorts to cover their positions, so let's see if stock will break today the key resistance at $17.68. Support for Xerox is now at $16,50 and first resistance at $16.92. Keep an eye on Xerox for a possible close above $17.68 in the sessions ahead.
Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations.The charts provided here are not meant for investment purposes and only serve as technical examples.
Labels: XRX
