Nearest Resistance: N/A
Nearest Support: $33Catalyst: Positive Q1 Earnings Small-cap electronic component maker Veeco Instruments (VECO - Get Report) is rallying hard today following positive first quarter results. Shares are up more than 15% this afternoon after stomping expectations: while analysts had only expected the company to earn 19 cents per share, Veeco actually pulled in 49 cents per share. >>3 Tech Stocks to Buy on a Pullback For traders, there are even bigger technical implications coming from this stock. Much like ETP, Veeco is showing us the combination of new highs and a technical breakout. Today's strong gap up pushed VECO above former resistance at $33, generating a buy signal for shares. While today's trading range has been somewhat volatile, a close above $33 today followed by a second consecutive open above that level tomorrow morning is strong enough confirmation to consider buying shares. I'd recommend putting in a stop just below $33.