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CREE Approaching New Highs, Technical Breakout Watch

|Includes:Cree, Inc. (CREE)

CREE showing intraday strength and edging higher to the double resistance area, under watch for a breakout above 70.92 to new highs.

Breakout details

BREAKOUT WATCH for possible breakout above 70.92, no resistance in area just above.
Type: True breakout from double resistance.
Target: 77.97, 11.5% Stop: 67.54, Loss: 3.4%, Profit/Loss ratio: 3.4 : 1 - Excellent

Support and Resistance

CURRENT PRICE 69.9, at resistance, 69.48 ± 1.46, type double, strength 2
RESISTANCE ABOVE None.

SUPPORT BELOW -7% at 65 ± 1.37, type single, strength 5
-10.6% at 62.52 ± 1.31, type double, strength 8

CREE chart

CREE breakout stock chart from http://www.stockconsultant.com

source: http://www.stockconsultant.com/consultnow/basicplus.cgi?symbol=CREE

Stocks: CREE