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Possible Bullish Inside Day Candle Pattern Detected for Universal Displa (NASDAQ:OLED)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Universal Displa (NASDAQ:OLED) based on the price action in the company's shares. Yesterday's price range of $95.25 and $97.00 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Universal Displa may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Universal Display Corporation is a member of the United States Display Consortium. The Consortium is a cooperative industry and government effort aimed at developing an infrastructure to support a North American flat panel display infrastructure. The Company and its partners are developing high-resolution, full color, light weight Organic Light Emitting Diode (OLED) technology.

There is potential upside of 57.3% for shares of Universal Displa based on a current price of $96.50 and an average consensus analyst price target of $151.83. The stock should run into initial resistance at its 50-day moving average (MA) of $102.25 and subsequent resistance at its 200-day MA of $138.11.

In the past 52 weeks, Universal Displa share prices have been bracketed by a low of $86.85 and a high of $209.00 and closed yesterday at $96.50, 11% above that low price. The 200-day and 50-day moving averages have moved 0.25% lower and 1.56% lower over the past week, respectively.

SmarTrend is tracking the current trend status for Universal Displa and will alert subscribers who have OLED in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle universal displa

Ticker(s): OLED