Is This The Level To Sell Exela Technologies Stock?

Shares of Exela Technologies, Inc. XELA may run into a wall of sellers if they reach the $3 level.

In January and again in February, XELA ran into resistance around $3.00. A downtrend followed each time.

On March 9, shares blew right through this resistance when the company released news of a large deal it signed. Within a week, they gave back all of its gains.

On Wednesday, Exela announced some more news investors think is bullish and shares are trading higher.

But markets have memories. That means if the stock reaches levels around $3, it may run into resistance again.