Is A Breakout Brewing For XPO Logistics?

Adobe Poised For Breakout |

XPO Logistics (NYSE:) has been stuck in a narrow consolidation pattern since early June. Even a sizable post-earnings decline couldn’t crack the lower band of the eight-week range. Since the post earnings spike low (July 30), XPO has been drifting higher as the Transport sector in general has performed well. With the help of an upgrade from KeyBanc (from Sector Weight to Overweight), the stock is now on the verge of an upside breakout.

The $87.00 to $88.00 area, which has capped the June/July/August highs, will be a key near term hurdle. Once this zone is taken out, XPO will have clear path to new 2020 highs. At current levels the stock is far from overbought. XPO is a stock to watch through the remainder of the week. A weekly close above $89.00 could spark quite a run.

Note: Long XPO in some managed accounts.

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Gary S. Morrow

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