SPX (NYSE:SPW) shares have crossed bearishly below their 10-day moving average of $88.54 on a volume of 156K shares. This may provide swing traders with an opportunity 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.
SPX share prices have moved between a 52-week high of $111.47 and a 52-week low of $77.30 and are now trading 14% above that low price at $88.28 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has slid 0.2%.
Potential upside of 6.3% exists for SPX, based on a current level of $88.28 and analysts' average consensus price target of $93.80. The stock should find resistance at its 200-day moving average (MA) of $95.42, as well as support at its 50-day MA of $85.57.