3D Systems Just Broke Out To The Upside
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
3D Systems Corporation (NYSE: DDD) shares are trading higher by $1.02 at $28.47 in Monday's session. The only relevant news out that may be moving the issue is the announcement of 3D Systems China, which will be headed by Easyway founder May Zhou.
The issue, which had been mirrored in a tight trading range over the previous five trading sessions ($26.81 to $27.64) has busted out of the range reaching $28.66 so far in Monday's session. The current high coincides with its March 9 high ($28.64).
The sharp rally is taking place after a long consolidation phase in which the issue has struggled to clear the $30 level after making several lows in the $26 handle.
The issue reach its all-time high in January 2014 at $97.28 at the pinnacle of the 3D printing euphoria, which ended badly for all issues involved, including Stratasys, Ltd. (NASDAQ: SSYS), ExOne Co (NASDAQ: XONE) and Voxeljet AG (ADR) (NYSE: VJET).
If the rally continues through the intraday, the next identifiable resistance level may be 3D Systems' March 6 high ($29.19).
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