Exela Technologies Stock Looks Ready To Break Out: What Comes Next?

Exela Technologies Inc. XELA shares were moving Friday. The company recently announced an additional $150-million at-the-market equity program. The stock may also be moving as retail traders take interest. 

The stock was trending throughout the day on social media sites such as StockTwits. 

Exela Technologies was down 3.93% at $2.91 at the close Friday.

Exela Technologies Daily Chart Analysis

• Shares have been trading in a sideways channel and have climbed to near resistance. Shares may be looking to break out of resistance in the coming days.
• The stock is trading above both the 50-day moving average (green), and the 200-day moving average (blue), indicating sentiment in the stock has been bullish.
• Each of these moving averages may hold as an area of support in the future.

Key Exela Technologies Levels To Watch

• The stock is nearing resistance in a sideways channel with two key levels.
• The stock is attempting to cross the $3 level, an area that has held as resistance multiple times in the past. This area may continue to hold as resistance if it is unable to be broken.
• The stock has always been able to find support near the $1 level. This level may continue to act as a support level in the future.

What’s Next For Exela Technologies?

Bulls would like to see the stock break out of resistance and continue to move higher. Bulls want to see the stock then begin to form higher lows and continue on its uptrend.

Bearish traders would like to see the stock fail to break above the resistance level and start falling back down. Bears eventually would like to see the stock fall down and break below the $1 level. Bears would also like to see the stock drop below the moving averages for a potential trend change.