After a big gap down in late September, Xerox established support around 7.25 and consolidated the last seven weeks. Within this consolidation, the stock surged in early November and then formed a flat flag. I am watching this pattern for clues on the next move. A break above flag resistance would be bullish, while a break below flag support would be bearish.
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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