20.7 C
New York
Thursday, June 24, 2021

Is A Breakout Brewing For XPO Logistics?

Must read

Market Movers: Why RIL shares ended in the red despite green energy plans

Shares of the index major had rallied substantially in the run-up to Thursday’s AGM in anticipation of major announcements such as the ones made...

RBI issues guidelines for NBFCs on dividend distribution

The guidelines shall be effective for declaration of dividend from the profits of the financial year ending March 31, 2022 and onwards. These will...

160% jump in a year! Emami flies high after share pledges drop

The counter has been in high spirits on the back of multiple tailwinds such as price hikes, robust earnings, reduction of pledged shares and...
XPO Logistics 1-Day Chart.

XPO Logistics 1-Day Chart.

XPO Logistics (NYSE:XPO) has been stuck in a narrow consolidation pattern since early June. Even a sizable post-earnings decline couldn’t crack the lower band of the eight-week range. Since the post earnings spike low (July 30), XPO has been drifting higher as the Transport sector in general has performed well. With the help of an upgrade from KeyBanc (from Sector Weight to Overweight), the stock is now on the verge of an upside breakout.

The $87.00 to $88.00 area, which has capped the June/July/August highs, will be a key near term hurdle. Once this zone is taken out, XPO will have clear path to new 2020 highs. At current levels the stock is far from overbought. XPO is a stock to watch through the remainder of the week. A weekly close above $89.00 could spark quite a run.

Note: Long XPO in some managed accounts.

http://thisweekonwallstreet.com/breakout-brewing-for-xpo-logistics/

Is A Breakout Brewing For XPO Logistics?

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

- Advertisement -

Latest article

Market Movers: Why RIL shares ended in the red despite green energy plans

Shares of the index major had rallied substantially in the run-up to Thursday’s AGM in anticipation of major announcements such as the ones made...

RBI issues guidelines for NBFCs on dividend distribution

The guidelines shall be effective for declaration of dividend from the profits of the financial year ending March 31, 2022 and onwards. These will...

160% jump in a year! Emami flies high after share pledges drop

The counter has been in high spirits on the back of multiple tailwinds such as price hikes, robust earnings, reduction of pledged shares and...