Universal Display (NASDAQ:OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Last week, OLED dropped sharply after reporting earnings and is now trading below its important 50- and 200-day moving averages. This technical chart setup signals near-term weakness and further downside to come.
Watch This Support
Traders and investors should now look down around the $118 level for near-term support, which is where the stock broke out in late August 2017. I will be keeping OLED on my radar, watching for when it trades down to this bounce area.