VECO: A 2019 Play w/ Short Term Technicals for PT of $21.60
The Veeco story is not a happy one over a lifetime analysis. However, it is still one of the major players in display, including OLED and has recently had a string of positive momentum related news. Their earnings calls are ripe with hints at a strong play going into 2019, but this year they should be seen as a short term, technical trade that can ride strong waves upward.
Based on historic ranges within the stock, some short and mid term fibonacci levels, and some strong demand for OLED in 2018, VECO is trading within a sustained channel during this year of volatility. It can easily come back to its lower end of trend trading and we know how stocks behave as they cross Fib lines. Before the tariffs and Syria news hit, this stock was on a mission to cross the $21 range. Now, with it being knocked down, it's good for a few short term gains that can be stacked for other ideas.
The market is finally stabilizing some and hopefully Syria become a neutral issue as earnings season starts up. Moving into the Summer, I feel this is a sure trade for the company, as it's not a bad story and any news is good news for Veeco. It can ride sector momentum up at any time as well and reach even $22. Don't be greedy and take what you want after crossing $21.
Based on historic ranges within the stock, some short and mid term fibonacci levels, and some strong demand for OLED in 2018, VECO is trading within a sustained channel during this year of volatility. It can easily come back to its lower end of trend trading and we know how stocks behave as they cross Fib lines. Before the tariffs and Syria news hit, this stock was on a mission to cross the $21 range. Now, with it being knocked down, it's good for a few short term gains that can be stacked for other ideas.
The market is finally stabilizing some and hopefully Syria become a neutral issue as earnings season starts up. Moving into the Summer, I feel this is a sure trade for the company, as it's not a bad story and any news is good news for Veeco. It can ride sector momentum up at any time as well and reach even $22. Don't be greedy and take what you want after crossing $21.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.