Yesterday, 15 May 2024, Vuzix Corporation announced a development contract with Garmin, a leader in navigation and consumer electronics. Garmin commissioned the development of nanoscale optical projection systems based on Vuzix waveguides. These systems are small projectors suitable for use in compact augmented reality (AR) devices.
The contract with Garmin was a strong positive signal for Vuzix investors, indicating that the company can expand beyond the narrow segment of AR glasses for industrial applications.
Given these developments, let's conduct a technical analysis of the Vuzix Corporation (NASDAQ: VUZI) stock chart to uncover potential trading opportunities.
On the D1 timeframe, the stock recently broke through the resistance level at 1.35 USD and formed support at 1.15 USD. The downward trend has halted, and quotes have formed a channel within the 1.15 - 1.65 USD range, suggesting the potential for further growth. If the downward trend persists, the target for decline may be 0.95 USD.
If the upward trend continues upon a rebound from the previously breached resistance level at 1.35 USD, the short-term target for the stock's growth could be 2.15 USD. In the medium term, the target could reach 3.10 USD.
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Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.88% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The contract with Garmin was a strong positive signal for Vuzix investors, indicating that the company can expand beyond the narrow segment of AR glasses for industrial applications.
Given these developments, let's conduct a technical analysis of the Vuzix Corporation (NASDAQ: VUZI) stock chart to uncover potential trading opportunities.
On the D1 timeframe, the stock recently broke through the resistance level at 1.35 USD and formed support at 1.15 USD. The downward trend has halted, and quotes have formed a channel within the 1.15 - 1.65 USD range, suggesting the potential for further growth. If the downward trend persists, the target for decline may be 0.95 USD.
If the upward trend continues upon a rebound from the previously breached resistance level at 1.35 USD, the short-term target for the stock's growth could be 2.15 USD. In the medium term, the target could reach 3.10 USD.
—
Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.88% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
