XRX finds buyers at key support level


Xerox Corp. (XRX) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
XRX rallies 3.16% closing $0.89 higher
XRX finds buyers at key support level
XRX pushes through 20-day moving average
XRX ends the day on a bullish note closing near the high of the day
XRX finds buyers again around 27.98
TQ Sentiment
Report Sentiment: 77% Bullish
Technical Forecast:
Overview

XRX ended Monday at 29.06 surging $0.89 (3.16%). This is the biggest single day gain in over a month. Today's closing price of 29.06 marks the highest close since March 26th. Closing above Friday's high at 28.70, the stock confirms its breakout through the prior session's high having traded $0.42 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for XRX
Volatility

Monday's trading range was $1.14 (4.02%), that's far above last trading month's daily average range of $0.73. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Price Action

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar.

Support/Resistance

After trading as low as 27.98 during the day, Xerox Corp. bounced off the key support level at 28.23. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 29.54. After having been unable to move lower than 28.07 in the previous session, the market found buyers again around the same price level today at 27.98.

Trend

The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. XRX managed to break above the 20-day moving average at 28.74 today for the first time since March 20th.

Conclusion

While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Xerox Corp.
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
Bullish Break through SMA 20 TQ Pro Members Only
White Candle TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
RSI(2) above 80 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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