Cree (CREE) develops, manufactures and sells lighting-class LED, lighting and semiconductor products for power and radio-frequency applications in the U.S., China, Europe, South Korea, Japan, Malaysia and Taiwan. This stock closed up 7.1% to $67.33 in Wednesday's trading session.
Wednesday's Volume: 6.42 million
Three-Month Average Volume: 2.28 million
Volume % Change: 220%
From a technical perspective, CREE soared sharply higher here right above its 200-day moving average of $61.80 with heavy upside volume. This move briefly pushed shares of CREE into breakout territory, after the stock flirted with some near-term overhead resistance at $67.72. Market players should now look for a continuation move higher in the short-term if CREE manages to take out Wednesday's high of $67.98 with strong volume.Traders should now look for long-biased trades in CREE as long as it's trending above $64 or above its 200-day at $61.80 and then once it sustains a move or close above $67.98 with volume that hits near or above 2.28 million shares. If we get that move soon, then CREE will set up to re-fill some of its previous gap-down-day zone from last October that started at $75.98. To see more stocks rising on unusual volume, check out the Stocks Rising On Unusual Volume portfolio on Stockpickr. -- Written by Roberto Pedone in Delafield, Wis.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts