Upward momo continues, this is a bounce off multi year lows but coming up on some serious resistance levels.
CREE - Cree Inc - Page 5
CREE making a move this morning.
+9% on news.
Cree, Veeco climb after China unveils plan to phase out traditional light bulbs
China today unveiled a three-step plan to eliminate incandescent light bulbs, in order to conserve energy and reduce its emissions, according to China daily. Under the plan, the importation and sales of incandescent light bulbs of 100 watts and higher will be banned as of October 1, 2012, while bulbs of 60 watts and above will be phased out by October 1, 2014, said Xie Jie, a deputy director with the National Development and Reform Commission, according to China Daily. In a note to investors this morning, Piper Jaffray said that the news is positive for Cree (NasdaqGS:
In a well defined descending channel and still in the BB bands.
To me CREE has been trending on a descending channell, so the bias is for the short side.
You can trade it both ways: buy LONG near the base of that channell, sell SHORT in the upper line.
However for the long term I do like this company, their business that is not just "lights"...
If it falls around 20 area I will be a buyer!