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Five Tech Stocks to Watch

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Here are five technology stocks to watch with strong technical momentum.

Cree, Inc. (CREE) had a big day on Tuesday, exploding up out of a three-year base and gaining 9%, or $3.70, to close at $41.76 on extremely heavy volume of 6.3 million shares traded — more than four times its average volume. The move came with news of the LED product company’s buyout of chipmaker Infineon, a move anticipated to increase revenue and profit margins in its Wolfspeed power and RF division. This is the highest price the stock has seen since September 2014. Next target: $44.

Cypress Semiconductor Corporation (CY) broke through a double top consolidation pattern, moving up 43 cents and closing at $18.07 on heavy volume of 9.3 million shares traded Tuesday. The company announced that its CFO will present at two investor conferences next week. The stock has gained more than 30% over the last year. Next target: $20.

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