Bearish Moving Average Cross by Cree (CREE)

Published on Wed, 05/20/2015 - 11:14
By Robert Cotter in Moving average crossovers, CREE, cree, moving crosses, nasdaq:cree

Cree (NASDAQ:CREE) crossed under its 10-day moving average of $30.50 on a volume of 454K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

In the past 52 weeks, shares of Cree have traded between a low of $27.25 and a high of $53.33 and are now at $30.18, which is 11% above that low price. The 200-day and 50-day moving averages have moved 0.7% lower and 1.43% lower over the past week, respectively.

Cree (NASDAQ:CREE) has potential upside of 7.7% based on a current price of $30.18 and analysts' consensus price target of $32.50. Cree shares should first meet resistance at the 50-day moving average (MA) of $34.12 and find additional resistance at the 200-day MA of $36.21.

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 Robert Cotter
rcotter@fnno.com

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