Velo3D Inc (NYSE:VELO) shares are trending Wednesday, stalling after a strong multi‑month run. The move looks like more of a consolidation than a breakdown, even as the broader market trades firmly higher.

A Pullback Against A Strong Tape

With the Nasdaq up 1.15% and the S&P 500 gaining 0.68%, VELO's weakness stands out. Risk appetite is showing up in the Russell 2000, which is up 1.91%, and leadership is concentrated in Technology and Industrials. Market breadth is positive with an advance to decline ratio of 1.8. Against that backdrop, VELO's red print looks like stock‑specific profit taking after May's swing high rather than a market‑driven sell-off.

It’s worth noting that SpaceX’s IPO filing is expected in the near future. Reports suggest it could come as soon as Wednesday. There’s some chatter on socials that Velo3D could be mentioned in the filing after the company’s CEO said in December that there are "five major parts" included in SpaceX Raptor engines that are "specifically qualified for Velo3D platform." 

Trend Structure Remains Firm

VELO is still in a well‑defined uptrend. Price sits 7.8% above the 20‑day SMA at $15.33 and 68.7% above the 200‑day SMA at $9.80. The 20‑day SMA remains above the 50‑day SMA, and the golden cross from January, where the 50‑day moved above the 200‑day, continues to support the longer‑term bullish structure.

Momentum Shows Cooling, Not Reversal

MACD remains above its signal line and the histogram is positive, which indicates that upside momentum is still improving relative to the prior downswing. In simple terms, selling pressure is easing even as the stock cools off from its peak earlier this month.

Key Level Traders Are Watching

The next major test sits overhead.

  • Key Resistance: $18, a round‑number zone where sellers have stepped in before and where rebounds often stall after strong runs. The $18 level had been acting as support before shares fell below the key level on Tuesday. Traders will want to see if the stock can regain momentum above this level to get a better idea of where the stock may be headed next.

VELO Shares Are Under Pressure

VELO Price Action: Velo3D shares were up 0.29% at $17.04 at the time of publication on Wednesday, according to Benzinga Pro.

Read Also: Velo3D Stock Soars After Q1 Earnings Report — Here's Why

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