Vuzix about to set direction for the next 5 days.
Updated
VUZI has recently broken out of it's down trend and now sets a solid hammer with rising volume at a historic resistance point. Bull Case: Participation in an emerging industry.. as well as it's position above the 50 and 200 moving average and bullish hammer after a prior days break past resistance make me bias to an up-side continuation...
Bear Case: Wednesday opened with a gap to below the breakout candle and was net negative day. Stochastic is touching overbought and nearly a crossing red signal. if tomorrows volume starts moving negative we can probably expect it to re-test the 50 moving average near 6.20 or even the prior lows support level of 5.00.
Either way it seems there's opportunity here.
Note
Watching for a buy above 7.1 or a sell below 6.6Trade active
Not looking good for the bulls... Friday closed on good volume breaking high.. but Monday returned with an engulfing bearish candle both days with higher volume than the signal hammer. VUZIX is still a strong candidate to trade well as relative volume is up.. but has not been able to commit to a direction other than side-ways. Trade with caution.
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