3D Systems Set to Print Another Round of Profits

by Sam Collins | January 30, 2014 1:04 am

3D Systems (DDD[1]) — This stock has been on the Trade of the Day buy list[2] since I recommended it on Aug. 12[3] under $47.50. I remained bullish with recommendations on Aug. 27[4], Oct. 10[5], and Nov. 8[6], when I raised my target to $77.

But on Nov. 19[7], when Bank of America (BAC[8]) raised its target from $69 to $90, I balked, saying, “It appears to this technician that it is time to wait for DDD to fall into a buying zone rather than continue to chase this stock higher.”

It appears I underestimated the stock, as it ran to over $97 in January. However, it then topped out and broke its intermediate trendline early in January, as well as its 50-day moving average.

This week, DDD bounced from a double-bottom at $72, but market conditions are now bearish, so I’ll stick with the recommendation to buy this key 3D printer maker under $70 with a trading target of $80-plus. 

DDD Chart
Click to Enlarge

Chart Key[9]

  1. DDD: http://studio-5.financialcontent.com/investplace/quote?Symbol=DDD
  2. Trade of the Day buy list: http://investorplace.com/category/options-trading/trade-of-the-day/
  3. on Aug. 12: http://investorplace.com/2013/08/trade-of-the-day-3d-systems-corp-ddd/
  4. Aug. 27: http://investorplace.com/2013/08/trade-of-the-day-3d-systems-ddd/
  5. Oct. 10: http://investorplace.com/2013/10/trade-day-3d-systems-ddd/
  6. Nov. 8: http://investorplace.com/2013/11/ddd-3d-systems/
  7. on Nov. 19: http://investorplace.com/2013/11/trade-day-3d-systems-ddd-2/
  8. BAC: http://studio-5.financialcontent.com/investplace/quote?Symbol=BAC
  9. [Image]: http://investorplace.com/wp-content/uploads/2013/05/chart-key.gif

Source URL: http://investorplace.com/2014/01/trade-day-3d-systems-ddd-4/
Short URL: http://invstplc.com/1bama9d