by Sam Collins | January 30, 2014 1:04 am
3D Systems (DDD) — This stock has been on the Trade of the Day buy list since I recommended it on Aug. 12 under $47.50. I remained bullish with recommendations on Aug. 27, Oct. 10, and Nov. 8, when I raised my target to $77.
But on Nov. 19, when Bank of America (BAC) 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.
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