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Bearish Moving Average Cross by Veeco Instruments (VECO)

Published on Tue, 07/30/2013 - 12:06
By Mallory Stone

Veeco Instruments (NASDAQ:VECO) crossed under its 10-day moving average of $34.65 on a volume of 324K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

Veeco makes equipment to develop and manufacture LEDs, solar cells, hard disk drives and other devices. We support our customers through product development, manufacturing, sales and service sites in the U.S., Korea, Taiwan, China, Singapore, Japan, Europe and other locations.

Veeco Instruments share prices have moved between a 52-week high of $43.18 and a 52-week low of $26.15 and are now trading 31% above that low price at $34.25 per share. The 200-day and 50-day moving averages have moved 0.21% higher and 0.39% lower over the past week, respectively.

Veeco Instruments (NASDAQ:VECO) is currently priced 2.1% above its average consensus analyst price target of $33.54. Veeco Instruments shares should encounter resistance at the 50-day moving average (MA) of $37.34 and support at its 200-day MA of $33.41.

By Mallory Stone
mstone@fnno.com