Moise Levi at Gicharts blog posted a post expecting a break below XRX stock support level on real bad news. His chart analysis shows lower highs, multiple fake moves and a key support level at around $9.50, which he believes won’t be strong enough to hold the price in case of unfavorable news. Now, on the other hand the Xerox Corporation’s weekly chart proves that the support level at $9.50 is a pretty crucial one, having been a resistance level back in 2009 and also during 2010. What’s more, the volume in the monthly chart shows significant increase starting off October 2009 accompanied by an uptrend, moving the stock price from $5.00 to $12.
May 26, 2011
