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Vuzix Stock Trades Higher By 20%: Technical Levels To Watch

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Vuzix Stock Trades Higher By 20%: Technical Levels To Watch

Vuzix Corp. (NASDAQ: VUZI) shares are trading higher in Friday’s session.

The rally comes amid the deployment of Vuzix M400 Smart Glasses by CooperVision, a subdivision of Cooper Companies Inc. (NYSE: COO).

vuzi5min3-19-21.png

Vuzix Short Term Chart Analysis: The 5-minute chart on Vuzix above shows the stock reached a high of $29.59 Friday. The high of the day is an area of potential resistance on the chart.

Previous highs on the chart show that Vuzix’s price could fall to $26 before it finds an area of support. If the price were to break below the $26 mark, it may not find another support level until the $23 level. The $23 level is an area that held as a previous resistance and retested the level finding support.

The stock is trading above both the 200-day moving average (blue) as well as the volume-weighted average price (pink) giving the stock bullish sentiment. These indicators could hold as support in the short term.

vuzidaily3-19-21.png

Vuzix Daily Chart Analysis: The daily chart above shows what technical traders may call an “ascending triangle” pattern that's potentially breaking out. The stock has formed higher lows throughout the previous three months into a resistance level near the $24 mark.

During Friday’s trading session, the stock broke above the resistance level. Bulls would like to see the stock consolidate above this level before the price has more upwards movement. Bears would like to see the stock fall through the resistance level and continue downwards until the stock no longer makes higher lows.

Vuzix is trading with a market cap of $1.05 billion and a public float of 38.3 million shares. The stock closed at $28.81, up 20%.

 

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