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.

Komentarz:

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.

Transakcja zakończona: osiągnięto poziom stop:

Sorry for the late update but this would've been closed out back around November 20th when the price fell through the pattern.