Finding support in $CREE

I’m joining Raul3 by buying a full-size position on $CREE today.  I initially bought $CREE on the day of the gap-down; but when price was looking to cut below $60, I dumped 80% of my holding and wait.  I’ve bought back more $CREE today because price has confirmed a support that I’m seeing in the chart.

Take a look at the weekly chart below:

CREE_weekly

The last pivot high was established in the week of 03/22/2013 at $55.66; today $CREE bounced off from the low of $55.75.

Below is another version of the weekly chart that shows the Fibonacci 38.2% retracement support at $55.61 going back to the low established in June of 2012.

CREE_weekly2

Below daily chart shows $CREE is bouncing.  Potentially, if price could close at current level without giving back the gain by the close, we may have a bullish harami in the making.  Of course, price will need to take out the high of today next week to confirm this bullish bounce.

CREE_daily

Now, take a look at the 5m intra-day chart below:

CREE_5m

I like the fact that price action took out the upper-band of the 20 minutes opening range (grey area).  I’m watching to make sure it doesn’t break down and take out the lower-band today.  If it does, I may elect to put my stop below $55.60 at a GTC hard stop.

Good luck to all who has $CREE.  I concur with Raul3 that the technology of LED will soon replace our obsolete fluorescent and candescent lighting simply because it saves electric and last much longer.

My 2 cents.



Categories: Bullish Harami, CREE

Tags: , ,

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