Yahoo Inc. (NASDAQ: YHOO) Holds at Support Says Market Timer Frank Kollar
October 22, 2008 (FinancialWire) (By Frank Kollar)
Shares of Yahoo Inc. (NASDAQ: YHOO) dropped on Monday, October 21 ahead of an after-market earnings report, but the report, when issued, was greeted by a rally.
YHOO has been trading right at support for almost two weeks now. The Fib 78.6% level is final support that, if broken, typically results in a continued decline to the next support, in this case the bear market lows at around $4.00 a share.
The aftermarket rally in shares of YHOO, plus the inability for traders to push shares below support in recent weeks, will likely result in a substantial rally in coming weeks.
YHOO could see $19.00 a share before strong resistance is reached.
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.
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.
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