Yahoo has been going up since September of last year!
I used the weekly to find long-term support so I don't get stopped out. Currently, this turned out to be around 31, but the 25 EMA on the weekly is also a good long-term support line.
34.60 is the short-term resistance line. Once this consolidation is over, I would expect a breakout over this line.
I used the RSI to find good entry points and the 8 day and 40 line seemed to be very accurate for this situation. If it hit the 40 it bounced back up and continued the long-term trend.
On the chart itself there was a hammer on 10/9 with a low of 31.79. This has been holding well as a support.
Since YHOO has been rising since last September, the RSI is below 40, and the hammer support is holding, I am rating this a long-term BUY!!!
HAPPY TRADING!
I used the weekly to find long-term support so I don't get stopped out. Currently, this turned out to be around 31, but the 25 EMA on the weekly is also a good long-term support line.
34.60 is the short-term resistance line. Once this consolidation is over, I would expect a breakout over this line.
I used the RSI to find good entry points and the 8 day and 40 line seemed to be very accurate for this situation. If it hit the 40 it bounced back up and continued the long-term trend.
On the chart itself there was a hammer on 10/9 with a low of 31.79. This has been holding well as a support.
Since YHOO has been rising since last September, the RSI is below 40, and the hammer support is holding, I am rating this a long-term BUY!!!
HAPPY TRADING!