$75 = resistance?
I agree with your observation of the 50dma, but I was looking at a shorter time period going back to last week. $75 may be an approximate short-term resistance because:
1) "Eyeballing" a 30 day tic chart of CREE reveals support/resistance appearing at prices divisible by five, ie. 90, 85, 80, 85, 80, 75, 70, 65, 60 This is not that visible on candlestick charts.
2) The recent drop from the 80's to the 60's has resulting in a trading range with an upper boundary at around 75.
The following numbers show the daily highs for CREE for the past ten days. Today's high was 75-15/16. See the resistance at around $75?
75-15/16
66-7/8
76-9/16
74-7/16
65-1/16
67
67-1/8
74-1/4
83-5/16
94-1/8 |
