Universal Display Corporation (NASDAQ: OLED)

Universal Display Corporation is engaged in the research, development, and commercialization of organic light emitting diode (OLED) technologies and materials for use in flat panel displays and solid-state lighting applications. It owns, exclusively licenses, or has the sole right to sublicense approximately 3,000 patents issued and pending worldwide. The company licenses and supplies its proprietary Universal PHOLED phosphorescent OLED technologies and materials to display manufacturers and others.
Take a look at the 1-year chart of Universal (Nasdaq: OLED) with added notations:

Over the last 3 months OLED has been slowly moving higher. During that time, the stock has formed a trendline of support (blue) that it has been bouncing on top of. Always remember that any (2) points can start a trendline, but it’s the 3rd test and beyond that confirm its importance. OLED’s trendline seems to be very important now that it has been tested multiple times.

The Tale of the Tape: OLED has created a 3-month trendline of support. A long position could be entered on a pullback to that trend line, which is currently sitting right around $30, with a stop placed below that level. A short position could be entered if OLED were to break the trend line support.
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