Universal Display 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.
Related Link: Tesla Could Be In Play Admid Solar City Earnings
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.