Chuck, IMHO CREE bounced of support yesterday. (yesterday=Wed.)
CCI(10,14,21,36) turned up yesterday. - Bullish
STOCH(5,3,3) turned up yesterday signaling buy - Bullish
Fast MACD turned up yesterday confirming. - Bullish
DI+ appears to have bounced off of upward trend line using dates:
Jan 26 / 13, Feb 10 /20 and Feb 23 /24. - Bullish
ADX still below both DI+ and DI- in a downward trend. This could change soon, but that a strong bullish trend is not yet intact.
On Feb 3, it appears to me the the downward trend was broken and a new trend to start. Caution - trend could be flat and not up.
Price appears to have bounced off the lower envelope and the lower Bollinger Band computed exponentially.
Previous support at around 18, now resistance. If it can break that area then I would think 21 would be the next possible point of retracement
This is not a buy or sell recommendation. I would not buy two days after a bounce (ie. Friday) since reward /risk has been lowered. I think near term indicators show this stock to go higher over the next few days.
If you want any charts on CREE, I will e-mail them to you at your request. Charts are very large attached files.
Just My Opinion |
