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Possible Bearish Inside Day Candle Pattern Detected for Cree (NASDAQ:CREE)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cree (NASDAQ:CREE) based on the price action in the company's shares. Today's price range of $25.27 and $25.81 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Cree may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Cree has traded in a range of $22.10 to $32.92 and is now at $25.43, 15% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.9%.

Cree, Inc. develops and manufactures semiconductor materials and electronic devices made from silicon carbide (SiC). The Company uses proprietary technology to make enabling compound semiconductors such as blue and green light emitting diodes, SiC crystals used in the production of unique gemstones, and SiC wafers that are sold for device production and research.

Cree has overhead space with shares priced $25.43, or 10.9% below the average consensus analyst price target of $28.56. Cree shares should first meet resistance at the 200-day moving average (MA) of $26.58 and find additional resistance at the 50-day MA of $28.31.

SmarTrend is tracking the current trend status for Cree and will alert subscribers who have CREE in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle

Ticker(s): CREE