Earnings can be a catalyst for changes in trend, the formation of a new trend or breaking out of existing resistance or support levels. That certainly was the case for Universal Display (OLED) on Friday as it broke out of a short-term resistance level. The leader in the OLED market beat expectations and enthusiasm behind the numbers, the announcement of its first dividend and guidance for the future created a bullish atmosphere around this stock among investors.

There was additional confirmation on Monday morning that the breakout has some strength behind it as the stock broke Friday’s highs and continued to climb upward.