One technology player that's quickly moving within range of triggering a near-term breakout trade is Voxeljet AG (VJET), which provides three-dimensional printers and on-demand parts services. This stock is off to a strong start in 2013, with shares up 25%.
If you take a look at the chart for Voxeljet AG, you'll notice that this stock has been uptrending strong since it IPOed in October, with shares ripping higher from under $20 to its recent high of $42.76 a share. During that uptrend, shares of VJET have been making mostly higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of VJET within range of entering breakout and new all-time high territory.Traders should now look for long-biased trades in VJET if it manages to break out above its all-time high of $42.76 a share with high volume. Look for a sustained move or close above that level with volume that hits near or above its three-month average action of 2.55 million shares. If that breakout triggers soon, then VJET will set up to enter new all-time-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $50 to $55 a share. Traders can look to buy VJET off any weakness to anticipate that breakout and simply use a stop that sits right below some key near-term support levels at $37.50 or $35 a share. One can also buy VJET off strength once it takes out $42.76 a share with volume and then simply use a stop that sits a comfortable percentage from your entry point.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV