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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cree Inc (NASDAQ:CREE) based on the price action in the company's shares. Yesterday's price range of $45.27 and $46.30 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. Owners of Cree Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Cree, Inc. develops and manufactures lighting-class light emitting diode (LED), lighting, 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.

Cree Inc share prices have moved between a 52-week high of $67.58 and a 52-week low of $27.77 and closed yesterday at 65% above that low price at $45.83 per share. The 200-day and 50-day moving averages have moved 0.44% lower and 0.17% higher over the past week, respectively.

Cree Inc (NASDAQ:CREE) is currently priced 8.4% above its average consensus analyst price target of $42.00. The stock should hit resistance at its 200-day moving average (MA) of $46.56, as well as support at its 50-day MA of $38.45.

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: bearish am inside day candle cree inc

Ticker(s): CREE