Xerox Signals Recovery
Xerox (XRX) shares have been in a downtrend since February, losing 48.7% to $9.47. This significant correction now presents an attractive discount. The freefall in XRX share prices halted in August, leading to a period of sideways movement. In early September, prices broke through the trend resistance and are now attempting to retest it. This resistance aligns with a strong horizontal level at $10.00 and the support of a longer-term downtrend from 10 March 2021.
I plan to open long positions from $9.50-10.00, targeting $13.00-14.00, which represents a potential 40% upside. A stop-loss could be set at $6.50.
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