Today, shares of SPX (NYSE:SPW) have crossed bullishly above their 10-day moving average of $70.00 on a volume of 242K shares. This may provide swing traders with an opportunity for a long position, as such a crossover often suggests higher prices in the near term.
There is potential upside of 12.4% for shares of SPX based on a current price of $70.49 and an average consensus analyst price target of $79.25. The stock should discover initial support at its 200-day moving average (MA) of $67.84 and subsequent support at its 50-day MA of $67.23.
In the past 52 weeks, shares of SPX have traded between a low of $56.31 and a high of $79.42 and are now at $70.49, which is 25% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.
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.
