Rolling the Dice on the Lights

The heavily-shorted and badly beaten-down LED play CREE may finally be worth a look on the long side if it can clear $33, above.

On the daily chart, note the clear downtrend which has struggled at the 20-day moving average for a while now. A break above it would mark a short-term change in character for the stock and likely provide some type of relief.

Longer-term the picture is still ominous, especially given the GTAT(Q) action earlier this fall.

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