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Has 3D Systems Reached the Bottom? And Has the Music Stopped For Pandora?

NEW YORK (TheStreet) -- Good morning traders!

Today's top picks are 3D Systems  (DDD - Get Report) and Pandora (P - Get Report).

1.  First, let's look at 3D Systems. Through its subsidiaries, 3D Systems provides 3D printing design-to-manufacturing solutions in the U.S., the Asia-Pacific region, Germany and other European countries.

3D traded positive on Monday, up 5.01% to $50.50 per share.

  • Monday's range: 47.91 - 50.85
  • 52-week range: 39.55 - 97.28
  • Monday's volume: 3,927,305
  • 3-month average volume: 5,188,640

3D looks good technically, as it has formed a tiny double bottom over the last couple weeks. Yesterday it formed a bullish engulfing signal. This needs to be confirmed today with positive trading and a close above the 20-day simple moving average. This is one of those trades where we are trying to catch the bottom, which at times can be risky.

3D has been in a downtrend since Jan. 6. Shares are down a whopping 48%.

Ouch!

But 3D reported positive earnings on April 29 and has traded positively since.  I would use the moving averages as resistance levels. The next overhead resistance is the 34-day exponential moving average at $53.54, the 50-day simple moving average at $57.78, and then the 200-day simple moving average at $64.07.

I would use these levels as targets, with my ultimate target being the 200-day simple moving average. That would be a +26% upswing move. 

3D is in a solid downtrend, so be careful and set your stops appropriately. Stay long until you see a confirmed sell signal.

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