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Bearish Moving Average Cross by Cree (CREE)

Published on Tue, 02/19/2013 - 12:14
By Adrienne Chilton

Today, shares of Cree (NASDAQ:CREE) have crossed bearishly below their 10-day moving average of $45.19 on a volume of 1.1 million shares. This may provide swing traders with an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

Over the past year, Cree has traded in a range of $22.25 to $46.88 and is now at $45.08, 103% above that low. Over the past week, the 200-day moving average (MA) has gone up 1.3% while the 50-day MA has advanced 3.7%.

Cree (NASDAQ:CREE) defies analysts with a current price ($45.08) 14.6% above its average consensus price target of $38.48. The stock should discover initial support at its 50-day moving average (MA) of $37.13 and subsequent support at its 200-day MA of $29.75.

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.

By Adrienne Chilton
achilton@fnno.com