Xerox $XRX is at a key support, and is likely going to break lower in the short-term. The longer-term outlook is also likely bearish.Xerox (XRX) Daily Chart(click to enlarge)Flat Market Losing Steam:- Xerox $XRX has been in a sideways market since 2017. - We saw it percolate in 2018, with price pushing to $37.50 a share before falling back to earth.- Price is now back to the common support area around the $26.50-$27.50 area. - Given the failed bullish attempts in 2018, I think we might see XRX break below this support area. - The weekly chart shows a market that has been in a bullish trend, but a choppy one, relative to the bearish swing in 2008 into 2009.- The rally since 2009 has been a consolidation channel. ABC Swing:- We can see that the rally in 2009 to 2015 was an ABC correction.- Since then, price has not been able to return to the $37.75 high set in 2014-2015.- The failed attempt to continue the rising channel in 2018 suggests that bears are now back in control. - This is the main reason I believe price will break the current support around $26.50. - I think price will eventually push to $20, in an ABC structure. - I would limit the bearish outlook to the $17-$18 area for now.- A break above $30 on the other hand could put this bearish outlook on the shelf, in which case we will need to look out for more clues.XRX Weekly Chart(click to enlarge)