Briefing note at 10:20 a.m. CREE spikes to session highs as Amtech analyst on CNBC highlights stock as play in the LED lighting space (24.48 +0.98) .Cree was also highlighted favorably by IBD on Friday. It also has very high % short float.
I entered long after price consolidated the intial thrust from the positive Amtech analyst comments on CNBC. I took a partial after a 1 point gain and moved my stop on the balance to break-even, allowing for a 38% Fib. retracement from the session lows to the swing high. A second entry was possible off of the mini C&H pattern midday. I should have added back my original share size on the break of the C&H, but I was cautious given the % change thus far.
3 comments:
Hey Jamie,
Hope you are having a great holiday season.
CREE and BIDU have some similarities in their daily charts (recent swing patterns) worth noting. Coming into today, both appeared to have completed ~3 days retracement swings (up) and showed daily candles that might lead to a down swing (next swing move down). Instead, both gave early head fakes (trading below previous day's low) followed by strong up moves. Due to news, CREE was a fast paced mover. BIDU gave more time with basing action at the previous day's high. Have you noticed this pattern derived from the daily?
Both CREE and BIDU had (Thurs) morning follow through following the trap action on Wed.
Hey Jim,
Thanks, hope you are having a happy holiday as well.
I did not notice those attributes on the daily that you pointed out yesterday. For CREE I was focusing on how it held $22.00 as support in December as this was the base formed from the swing low in November. I was anticipating a PP break at $25.00 - Nov.5th, 14th and Dec. 10th. All of the MAs are now crossing over bullish.
In retrospect, BIDU looks like NR7 BO following Monday's low volume, half day session. Nice consolidation of ORH with lots of inside bars on 15 min. yesterday. pivot zone from late October.
Nice follow thru today as you pointed out.
Post a Comment