Something crazy is going on in the tech space. Maybe it is Marissa Mayer, or maybe just the relief of uncertainty, but Yahoo (YHOO), looks like a long-term buy. Earlier this year many jumped on board when Marissa Mayer took over as CEO. The daily chart below shows that action. Technically the break over 16.40 triggered a buy signal with a target on the break of the wedge higher at 18.70.
Now solidly on the path to that target a pullout to the bigger monthly picture is starting to look very juicy. This monthly view shows a push through the 23.6% Fibonacci level at 17.09 and now a test of resistance coming at 18.20 at the top of an ascending triangle.
A push through carries a target on the pattern break to 24.80. That is a big move. Achieving that target would put it squarely in the middle of the 38.2% and 50% Fibonacci levels retracing back to the move off of the 2006 high, basically bringing the 26.22 level into play as well.
Disclaimer: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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The Only Tech Name You Need To Own: Yahoo!
Published 11/14/2012, 03:12 AM
Updated 05/14/2017, 06:45 AM
The Only Tech Name You Need To Own: Yahoo!
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