After lagging the market and the semiconductor group this year, CREE finally succumbed to selling pressure with a triangle break the last few days. Note that the S&P 500 SPDR and Semiconductor SPDR hit new highs in March, but CREE fell well short of its January high. The triangle break signals a continuation of the January decline and targets a move to the low 50s.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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