Three D Printers Next up to Bat
- Posted by Greg Harmon
- on August 12th, 2013
As the broad indexes give the bulls and bears a bit off excitement and bravado each week, the leaders and laggards have been rotating through. This week it seems that the 3-D printers are in the batter’s box for an attempt to knock one out of the ballpark. Here are three that should print money. Short interest at 28% could help it higher as well.
3D Systems, $DDD
3D Systems, $DDD, has gone through a series of AB=CD movements that I have illustrated in the past. As it reached the previous high it has been consolidation in a channel and looks to be ready to break it higher now. It has support from a rising and bullish RSI and a MACD that is crossing higher. Notice that you could have made the same observations back on July 29th though. It takes a move and close over 50 to continue higher towards the Measured move at 63.50 and D objective at 61.40. This one has relatively low short interest at only 12%, ha ha.
Stratasys, $SSYS, reported earnings Thursday last week and got running afterwards. The near touch at 100 stopped it for the weekend but it is resuming Monday and with a strong Marubozu candle in a mixed market. This also as support from the RSI and MACD for more upside and a Measured Move to 104 above as a potential first resistance. Short interest on this name is over 30%.
ExOne, $XONE, has only been public since February, and seems to be far to stable to be a 3-D Printer stock. It just continues to rise slowly more like an old school consumer stock like General Mills, $GIS. After a brief pullback, it is now ratcheting higher in an ascending wedge. I just heard you all think bearish. But it can break higher as well, see the weekly $SPY chart. A move over 72.50 looks very bullish and would have support from a rising RSI and MACD that just crossed up towards a Measured Move to 80.
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Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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