CREE swing trade

This is a bit late but Blogger posting was down for over 24hrs.

Someone in our trading room (Leonard!) mentioned the daily chart on CREE a few days back. I took care to take notice as this person has demonstrated good ability to buy on pullback and support, something that I have been trying to improve. When I took a look I liked what I saw. If you click on the chart below you can see how tight the price action was getting, and on the 10th CREE put in a bullish gravestone doji; good risk/reward entry point.

So the next day I had CREE up on my screen first thing, and took it on the break of the high. You can see the entry by clicking on the chart below. I scaled out of ⅔’s of the position by days end, and sold the last ⅓ today for a 9% ($39.38 to $43.24) gain in 2 days. I do think CREE potentially has a lot more upside, it may have put in a bottom here, or it could plunge to new lows, only time will tell.