A stock in the computer hardware complex that's trading very close to triggering a major breakout trade is Cray (CRAY), which develops, manufactures, markets and services high-performance computing systems, known as supercomputers and provides engineering services related to HPC systems and solutions. This stock is blazing a trail to the upside so far in 2012, with shares up around 75%.
If you look at the chart for Cray, you'll notice that this stock gapped up big in late April twice as the stock skyrocketed from around $7 to a high of $11.50 a share. Those gap-ups were accompanied with heavy upside trading volume. Following that action, shares of Cray have trended sideways for the past month and change, between $10 on the downside and $11.87 on the upside. That move has now pushed Cray within range of triggering a major near-term breakout trade and taking out its upside resistance.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV