YHOO Revisits 200DMA
By Johns Wu on Oct 10, 2005
YHOO blasted off today, momentarily shooting up above the resistance which has been holding it down ever since it gapped down from last quarters bad earnings.
Notice how it closed EXACTLY at its 200DMA of $34.53. Right now, this 200DMA is a big resistance for YHOO. The stock market will view a breakout above the 200DMA as being very bullish reversal. In addition, there is a weak resistance thats hanging above nearby as well (see the yellow circles).
The buying volume (see OBV) will need to pick up dramatically tomorrow to solidly pierce the 2 resistance points, so keep YHOO on your watchlist this week.
As always, buy on strength, short on weakness. With the Dow Jones and Nasdaq indices on the brink of disaster, be very careful buying long positions!
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Good call. What has me concerned that YHOO will revisit 32.50 is the SMA stack is bearish at 200,50,20. However, the earnings report next week has a larger effect.