Xero provides a cloud-based accounting software platform for small and medium-sized businesses. “Xero’s share price has almost halved in the past 18 months, as technology stocks tumbled in the wake of aggressive interest rate rises,” Michael explained
“However, we are starting to see early signs that a low may have formed in XRO.
“Looking at the chart, XRO appears to be forming a base here.
“We have seen higher lows since November and the start of February saw it break above resistance on good volume.
“It is now easing back to retest that breakout.
“If we can see buying support step in here and XRO can push above its February high of $85.50 in a quick amount of time, then we can treat that as a buy signal.
“For moment, XRO is one to keep an eye on,” Michael said.
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