Today, shares of SPX (NYSE:SPW) have fallen below their 10-day MA of $76.17 on a volume of 260K shares. This may provide short-term investors a chance for a short position, as such a crossover often suggests lower prices in the near term.
SPX Corporation is a global provider of technical products and systems, industrial products and services, service solutions, and vehicle components. The Company designs, manufactures, and markets data networking equipment, fire detection equipment, power transformers, TV and radio broadcast equipment, and a variety of specialty tools, equipment, and services.
Potential upside of 13.9% exists for SPX, based on a current level of $73.64 and analysts' average consensus price target of $83.87. The stock should hit resistance at its 50-day moving average (MA) of $78.56, as well as support at its 200-day MA of $69.21.
Over the past year, SPX has traded in a range of $56.31 to $85.82 and is now at $73.64, 31% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.3%.