Exreme: Oversold; RSI at 29.64
Nearest Resistance: $23.50Nearest Support: N/A It's been a rough year for Cree (CREE - Get Report). Shares of the $2.3 billion semiconductor firm have slid more than 68% in 2011, ravaged by poor guidance and analyst downgrades. While the selling has been constant this year, it's accelerated since the start of November, resulting in an oversold reading in RSI of 29.64. >>13 Tech Stocks to Buy in 2012 And investors shouldn't count on this stock finding a floor in the near-term. Shares broke down below their $23.50 support level earlier this month, plunging to new multi-year lows; now, that support level is resistance for shares. Instead investors should look for a shorting opportunity on the next bounce off of resistance.
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