Chart of the Day: Good Time to Buy This Tech Holding?
Another Pro Portfolio name is taking a rest before the next move is revealed.
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Several names in the technology group have decided to take a break from their recent uptrends. One of those names is Universal Display OLED, which moved substantially higher in June but has recently been drifting on moderate turnover.
The stock is consolidating gains from the strong eight-day period (arrow). OLED has not broken below that low level, which is bullish, as the recent pullback on lower volume tells us the sellers did not have much conviction. A little "back n fill is necessary before the newest trend is established.
Support remains strong at the 200-day moving average and while the indicators are not entirely bullish, the ADX (pane 3) indicates there is no trend at the moment. A flat base is good to build before an uptrend move, which we believe should be the next move (we just don't know when it will start). The basing period is a good time to add shares while things are quiet.
We like Universal Display in TheStreet Pro Portfolio and rate it a One, or "buy at anytime."
At the time of publication, TheStreet Pro Portfolio was long OLED.
