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Fan Yang

Universal Display Corp. (OLED) - Looking for Support Around $155-$160

Universal Display $OLED has been on a year in 2019 after finding support around $80 at the start of the year. On the daily chart below, we can see that price surged to almost $230 by the start of September.

OLED Daily Chart

(click to enlarge)

Bearish Correction Against a Bullish Trend:
- We can see that there was a strong retreat after price barely tagged $230.
- Price fell below $200, and then the $190 support pivot. This dip essentially completed a price top and broke a rising trendline, ushering in a period of consolidation/bearish correction ahead.
- If we put this bearish swing in this context (a correction), OLED would be a buy-the-dip candidate.
- There might be support around $170.
- I think the area around $160 will be a key support for the bullish trend.
- This area involves a support/resistance pivot area that is in the middle of a previous consolidation range.
- Indeed I am looking to have some long exposure around $162, especially if the RSI falls under 30, and develops a bullish divergence with price action.

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