The 2016 Consumer Electronics Show (CES), starting today, could showcase some nice gadgets coming to market. 3D Systems (DDD) saved its biggest swing for its new product, and the company knocked it out of the ballpark.

DDD shares surged to a high of $10.24 on Tuesday following the launch of 3D’s new metal printer. The ProX DMP 320 has the ability to create scale models and products from titanium, steel and nickel alloy, which could truly be a game changer. The new creation is designed for possible use in industrial applications, along with endless possibilities for design in the aerospace, automotive and health care sectors.

3D Systems short-sellers were sent scrambling, but this is a still a risky trade. Shares are down from a 52-week peak of $34 and an all-time high of just south of $100. The main reason for the 90% decline is due to deteriorating fundamentals and increased competition.

In fact, 3D Systems shares opened Monday’s session lower and tested $8.46 following a report from Barron’s over the weekend. The financial newsletter predicted shares could fall to $3. While that could be the case, this trade is based on momentum and continued short-covering.

3D Systems has missed Wall Street’s earnings estimates during the past two quarters by $0.06 and $0.05, respectively, and three of the past four quarters have fallen short.  Current estimates have the company earning $0.03 a share on revenue north of $162 million.

The technical chart shows the surge past the 50-day moving average, but there is additional resistance at $10.50-$11 and the 100-day moving average.

I would like to see 3D Systems make a move toward $12 on continued strength, but it will depend on the hype and the potential sales of 3D’s new printer. Any brokerage upgrades on the stock would be a bonus, as analysts could revise their forecasts. Here’s how I’m playing the potential move in DDD:

Buy the DDD February 11 calls (DDD160219C00011000) at current levels, which are currently around $0.50.

My Exit Target for the trade is $1.00. I do not have a defined stop loss in place, but if DDD closes back below $8.50 will likely force me to reevaluate the trade.

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