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LeLaf
Sep 15, 2014 12:25 AM

CREE Bullish Piercing candle in Failing wedge, reversal time? Long

Description

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.
Comments
LeLaf
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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