Vuzix has signed a contract with GarminYesterday, 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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