• Return to Headlines

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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cree Inc (NASDAQ:CREE) based on the price action in the company's shares. Yesterday's price range of $44.91 and $46.75 is within the prior day'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. Traders and investors interested in shares of Cree Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Cree, Inc. develops and manufactures lighting-class light emitting diode (LED) products, lighting products and semiconductor products for power and radio-frequency applications. The Company produces its products for indoor and outdoor lighting, video displays, transportation, electronic signs and signals, power supplies, inverters and wireless systems.

In the past 52 weeks, shares of Cree Inc have traded between a low of $35.91 and a high of $69.21 and closed yesterday at $45.30, which is 26% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 2.1%.

Based on a current price of $45.30, Cree Inc is currently 7.3% above its average consensus analyst price target of $42.00. The stock should run into initial resistance at its 50-day moving average (MA) of $47.71 and subsequent resistance at its 200-day MA of $55.28.

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

Keywords: bullish am inside day candle cree inc

Ticker(s): CREE