short CREE now?

Anyone else watching CREE? It's been putting in 52 wk highs for almost a month now. Has huge multi-year resistance at 35 and is now trading at $35.

 

?......the higher it goes, the more "bearish" it gets? Scalp it carefully.

 

Howdy Nazz

I was just pointing out that for the last 4 years CREE climbed to about 35.5ish 4 times and then sell off sharply (50%+). To be honest, I'd like to see it break through the resistance and put in some new highs as this to me would be a welcome sign of new strength.

 

so why don't you just short it at 40 or less and buy a call option and be done with it?

 

CREE isn't the type of stock I trade. Back in the day when it was Cree Research I made a ton of cash off it. after the tech bubble, mighty Cree was no more. My whole reason for even putting it up here is that I'm sure it fits within the strategy parameters of some traders. -It's topping out at the point it hasn't been able to cross for 4 years. Just trying to possibly help someone out there in trader land. No more, no less.

 

the number of times it stops at a particular price tells u nothing about the future price. except for a scalper.