Long
CREE - Symmetrical Triangle Breakout + Insider Buying
CREE has formed a symmetrical triangle pattern going back to the early September low. The price just broke out of the pattern yesterday & is continuing the move today. There was also insider buying by one of the directors yesterday, for those who pay attention to that.
The price target for the pattern breakout is $60.
The price target for the pattern breakout is $60.
Note
The stock price has pulled back after the breakout & is testing the prior resistance line of the symmetrical triangle. The stock did find buyers on Friday but I would like to see continued bullish momentum to validate a successful test of the resistance line.Trade closed: stop reached
Sorry for the late update but this would've been closed out back around November 20th when the price fell through the pattern.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.