Universal Display May Break Tight Channel On Earnings Volume
Universal Display (NASDAQ: OLED) is quiet in early Friday trading following a mixed earnings report. The company beat on top and bottom lines, but guided below the analyst consensus.
Shares have been trading in a tight upward range since the mid-July, with resistance around $32. This level was supported after Thursday’s close. Shares briefly popped above $32, before being sharply rejected.
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Because $32 looks to be a place of selling, Universal Display may need higher than average volume to cross above the level -- volume that is likely to exist following the company's earnings report. From there, shares may have enough momentum behind them to extend the run.
Shares of Universal Display were last trading 1.5 percent below Thursday’s close at $30.75. A double bottom put in place on Tuesday and Wednesday suggest $30.75 may act as a support level.
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