Host Neil Hamilton analyzed the stock chart for Vuzix Corporation VUZI Thursday on Benzinga's YouTube show "Get Technical."
The stock price has increased 706% since Dec. 11, Hamilton said. Vuzix has shown significant strength on the weekly chart, he added.
The stock broke down past the 20-day moving average, but it can still go a little bit below that level before seeing a green candle, he said.
"I would like to see a bounce off the standard deviation for a return to mean" on the 1-hour chart, Hamilton said
The relative strength is in a nice range, he said.
The stock is performing well based on all of the technical indicators Hamilton used, he said, adding that he's expecting Vuzix to bounce off the lower channel toward the mean.
If the stock is able to cross the mean and close above it, he is targeting the upper level of the channel moving forward.
From a technical standpoint, Vuzix is "a great stock," Hamilton said.
Related Link: Vuzix Stock Trades Higher By 20%: Technical Levels To Watch
VUZI Price Action: Vuzix was down 11.47% to $22.84 at last check Thursday.
Image by Jürgen Schmidtlein from Pixabay.
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