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 since 1986 and held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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