LeLaf
Long

CREE Bullish Piercing candle in Failing wedge, reversal time?

NASDAQ:CREE   CREE INC
59 1 1
CREE             , similar to RVLT, has been bear for quite some time now. The down trend is an evidence and has been for weeks.
It has now entered into a failing wedge reversal figure (not confirmed yet).
To confirm the figure, CREE             must break resistance line B-D.
It also had a bullish piercing candle last Friday. Also not confirmed yet.
Both Stochastics and RSI are in the oversold regions
Reversal may be within days.
SAR             is also close to a reversal. A quick bullish candle would turn it into an uptrend.
Also to consider is the Gap formed on August 13th ( Earnings ). CREE             may want to fill this soon.
Target is 49,50$.
Waiting confirmations to enter.
Well, a little bearish today on downgrade (to neutral). Will see how it goes this week. Still a failing wedge though.
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