How Low Can Yahoo! Inc (NASDAQ: YHOO) Go? Asks Market Timer Frank Kollar
March 18, 2008 (FinancialWire) (By Frank Kollar)
Shares of Yahoo! Inc (NASDAQ: YHOO) have been declining along with a weak stock market, but Yahoo’s chart says they can go lower still.
Yahoo gapped higher in early February and much of that gap may yet be filled before an end to selling is reached. Currently Yahoo has strong support at $24.46 but the critical support level is the Fib 61.8% retracement level at $23.08.
If Yahoo holds above $23.08 we could see a sustained advance, but if Yahoo closes below this support level, declining share prices could fill much of the early February gap. The potential bottom in that case is at around $20.00 a share.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
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