Time to get your head out of the gutter. I am talking about 3D Systems, DDD, the 3D printer. This stock has been a popular trading vehicle no matter which side you're on. With nearly 30% short interest, it can be subject to big swings. The Fundamental picture will not get any further clarity until they report earnings at the end of the month, so it is even more important to look at the underlying technical currents when trading this stock. It has been a doozy, completing an AB=CD pattern late January, but with a twist. The CD leg was a 127% extension of the AB leg. And now it is doing it again. This time the CD leg with a 127% extension measures to 61.40.
3D Systems, DDD
The Moving Average Convergence Divergence indicator (MACD) signal line has been moving off of the low since March 18, and has a long way to get to the previous high. The Relative Strength Index (RSI) also bottomed, and is rising with a lot of room and is now moving into bullish territory. The accumulation/distribution bottomed at the same time and is moving sideways. The cross of the 50 and 100 day Simple Moving Averages (SMA) just overhead is the last major stumbling block before it can continue higher and complete the 3 Drives pattern at D. If you still need some convincing - a trader today bought the May 39 Calls and sold the May 27/21 Put Spread, a bullish Risk Reversal, 1968 times for 85 cents. This trader expects the price to continue to rise through May Expiry.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Who Doesn’t Want DDD’s
Published 04/11/2013, 02:08 AM
Updated 05/14/2017, 06:45 AM
Who Doesn’t Want DDD’s
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