Over the weekend I was scanning some charts and I stumbled upon Cree, whose stock has shown remarkable strength over the last 5 months. In the above chart the 3 moving averages are 5, 15 and 50 day. The 5 DMA has just crossed the 15 DMA and both are above the 50 DMA.
This stock did get affected by the market sell off last year but its 52 week low was on 12/05/2008, way before rest of the market. Since then it has steadily climbed and the close price on Friday was $27.71, very close to the 52 week high of $29. The chart also shows cup with handle formation which is a bullish sign. The MACD is also showing a possible buy signal coming up. Zack's Investment Research mentioned CREE as Bull of Day on May 1.
Disclaimer: No current position in the mentioned security.
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