Going Long on Xerox Rebound
Xerox (XRX) shares have been in a downtrend since March 2021, having lost 68.0% to $8.72 during this period, and even fell by as much as 70.0% at one point in early November. This represents a very sharp decline. However, each time the price reaches trend support, it tends to rebound by 20.0-30.0%. This pattern appears to be repeating now, as XRX has retested the support level and looks poised to continue its recovery. The upside target is set at $11.00-12.00. I plan to open a long position at $8.50-9.00, which presents an enticing upside potential of 30.0% that should not be overlooked. A stop-loss can be placed at $6.00.
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