Chart of the Day: Step Aside Nvidia and Apple, Universal Display's Lighting Up

If I told you Universal Display OLED was one of the best performers in technology last month and had a better return than Nvidia NVDA and Apple AAPL you would probably think I was kidding.

But it actually happened. OLED was up 20% for June following, a strong May. This stock is certainly on a bullish buy signal, even as it is extremely overbought. Remember, overbought does not mean "sell," rather it simply means pullbacks are being bought aggressively by dip buyers.

The chart shows us strong volume trends, if you look at the gray box in the top panel. Also, the candles are blue, which reflects a strong "buy" on the GoNoGo composite of indicators, also in the top panel. The GoNoGo is a trend system that rates strength in colors.

Money flow in the bottom panel is strong and has been fantastic over the past month, pulling investors in, to add this name to their portfolios. With a series of higher-highs, higher-lows in the chart that is a textbook case of an uptrend being revealed.

We are looking forward to higher prices from OLED in the months ahead, but any dip would be a buy. Also remember, the best trends do not often give you a chance to get in. This principle would apply to OLED, so if you want to add more shares be ready to go on any brief pullback. The stock and the charts are telling you the trend is strong.

We rate Universal Display a "One" in TheStreet PRO portfolio, which means we see it as a "buy" at anytime.

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At the time of publication, TheStreet Pro Portfolio was long OLED.