YHOO 34.35 – neutral – Probes 12-month falling channel resistance
YHOO extended the upleg from the 27.20 YTD low (September 28, 2015) to 36.39 (November 30, 2015 weekly high), testing 12-month falling channel resistance (December 29, 2014 weekly high). A decisive breakout is needed to suggest a key low at 27.20 is in place and accelerate gains towards 37.71 (August 3, 2015 weekly high) next.
However, if the 36.39 area (near channel resistance) manages to cap near term, that would signal further consolidation and potential to retest the 32.12/31.01 support zone (November 16/October 19, 2015 weekly lows).
Outlook:
Daily: neutral
Weekly: bullish
YHOO extended the upleg from the 27.20 YTD low (September 28, 2015) to 36.39 (November 30, 2015 weekly high), testing 12-month falling channel resistance (December 29, 2014 weekly high). A decisive breakout is needed to suggest a key low at 27.20 is in place and accelerate gains towards 37.71 (August 3, 2015 weekly high) next.
However, if the 36.39 area (near channel resistance) manages to cap near term, that would signal further consolidation and potential to retest the 32.12/31.01 support zone (November 16/October 19, 2015 weekly lows).
Outlook:
Daily: neutral
Weekly: bullish