Australian heavyweight tech name Xero (XRO) has now rallied almost 40% from its March low, a great illustration of cream floating to the top. A few weeks ago we highlighted that US tech was carrying its 3rd largest speculative short position in history providing us with the perfect backdrop for a sharp bounce which is exactly what’s unfolded, the question as always is, what now?
The ideal technical scenario for XRO is another break to fresh all-time highs before we see any correction i.e. over +12% further upside. We are not considering taking profit on our XRO position into such a move but we might consider some of our other tech positions across the MM portfolios.
MM remains bullish XRO from current levels
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