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Fan Yang

3D Systems (DDD) - Followup on the Buy-on-a-Dip Trade Idea

Last week, we discussed the reward to risk of buying DDD on a dip, after its ABC correction. We discussed potential support in the 17-18 area, and indeed, DDD has found buyers here.

DDD Daily Chart

(click to enlarge)

- As we can see, there is a confluence of factors to suggest support around 17.50.
- There is a previous resistance, which could turn into support.
- There is also the 100-day simple moving average. 
- Finally, the RSI tagged 30 as price entered the 17-18 area. 
- The thing is, there is no evidence of an upswing yet, except for the fact that price pulled up during the 7/12 session, breaking above the very small range from the previous few sessions.
- But don't be surprised if price makes another low. In fact, if price does make another low, but the RSI low is higher, we should seriously consider a potential bullish swing.
- Just a reminder from the last report on DDD, we discussed upside to 19.70 and 26.

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