Bought Stratasys Ltd. today
4–16–2021
I am technical trader. I don’t focus a lot on fundamentals of a company.
But in general, US is planning to bring supply chains back to the states. With all the talk about $15 minimum wage we are going to have more automation. 3D printing in general will be the future of manufacturing in US. Under this hypothesis and assumption on my part, I am presenting my technical analysis here that compelled me to buy this stock.
3D printing stocks faded after the parabolic move in 2013. After $SSYS bottomed in 2016, it has done nothing for 4 years. Last year on 3D systems earnings in November of 2020, $SSYS came back to life. It went from mid 13.86 to $56.95.
Lately, majority of the growth names have fallen quite a bit. And hence $SSYS also has fallen and tested $22 today.
50 monthly moving average at 20.76
150 monthly moving average is 21.46
Fibs drawn from Nov 2020 low to Feb 2021 highs gives us the 78.6% fib retracement at 21.98
Technically, today $SSYS forming a hammer right on 78.6% retracement. Also, other long term support zones just below.
As a long term hold I feel comfortable with the buy I made at 22.65