Chart of the Day: This Frustrating Holding Is Still Trying to Find a Bottom
Let's examine the technicals on a position that's unfortunately not performing better than it should.
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We've continued to see the share price of Universal Display OLED sliding further. When a stock is stuck in a steep downtrend like OLED is there is no telling when the sellers are going to finish up.
Clearly the drop in late October kicked off a massive distribution that continues to this day. We could argue the $140 area is firm as the stock continues to tag that level, but unless there are buyers present we have to conclude to downward progress remains the trend.
On the positive side, money flow is now in the green (bottom pane). MACD (moving average convergence/divergence) is also now on a buy signal, although you'll have to squint hard to see it.
Momentum remains bearish, but is starting to turn around. The average directional movement is on the floor (pane 3), which means perhaps the trend down is slowing or stopping; we need to see more days to be certain.
We rate Universal Display a One in TheStreet Pro Portfolio, or "buy at anytime."
At the time of publication, TheStreet Pro Portfolio was long OLED.
