Cree (CREE - Get Report) 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.
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-- Written by Roberto Pedone in Delafield, Wis.