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what the charts say

Xerox Corp. declined from $37.83 to $22.34 (A-B) below its falling 40-week Moving Average (40wMA) and below a falling trend-line (dotted line). The stock found support at ±$23 (dashed line) and then rallied above the falling trend-line and above its 40wMA to reach $30.76 (C). After a correction to support at the rising trend-line (solid line) and at its 40wMA (D), Xerox resumed the up-trend (E). This price action signalled renewed investor interest and the start of a new up-leg toward higher targets. A minor decline may occur toward ±$31, but only a sustained decline below ±$29 would be negative. Point & Figure measurements provide targets of $36 and $39. Higher targets are visible.

Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.

Chart source: www.decisionplus.com

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