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After Yesterday's Rally of 6.59% Shares Could Potentially Pullback

By Amy Schwartz

Cree (NASDAQ:CREE) traded in a range yesterday that spanned from a low of $21.75 to a high of $23.14. Yesterday, the shares gained 6.6%, which took the trading range above the 3-day high of $22.83 on volume of 1.2 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Cree share prices have moved between a 52-week high of $32.92 and a 52-week low of $20.75 and are now trading 10% above that low price at $22.80 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.1% while the 200-day MA has remained constant.

SmarTrend recommended that its subscribers protect gains by selling shares of Cree on April 4th, 2017 by issuing a Downtrend alert when the shares were trading at $25.11. Since that call, shares of Cree have fallen 13.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders

Ticker(s): CREE