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Cree Trading Lower on 1.4x Above-Average Volume (CREE)

Published on Wed, 04/03/2013 - 13:15
By Peter Chu

Shares of Cree are trading today in above average volume, with the share price falling 4.4% to $49.85. About 3.2 million shares have been traded today, as compared to the 30-day average volume of 2.4 million shares. Unusually high volume can signify a potential turning point or validate a breakout.

Over the past year, Cree has traded in a range of $22.25 to $55.66 and is now at $49.85, 124% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.9% while the 50-day MA has advanced 1.7%.

Based on a current price of $49.85, Cree is currently 6.9% above its average consensus analyst price target of $46.39. The stock should discover initial support at its 50-day moving average (MA) of $47.47 and subsequent support at its 200-day MA of $33.13.

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 Peter Chu
pchu@fnno.com