Yahoo! Close to Support

Published on Thursday, 29 July 2010 04:52 Written by Christopher Lynn

New York, July 29th (TradersHuddle.com) - Shares of Yahoo! Inc. (NASDAQ:YHOO) are trading very close to calculated support at $13.52 with current price action closing at just $13.95 places the stock price near levels where traders will start paying attention.

Yahoo! Inc. is a global Internet media company that offers Internet services to users, advertisers, publishers, and developers worldwide. The company owns and operates online properties and services, and provides its advertising offerings and access to Internet users through its distribution network of third-party entities, as well as offers marketing services to advertisers and publishers. Yahoo owns the second largest internet search engine and provides email services to its users.

Yahoo's current stock range is defined by current calculated support defined at $13.52 and by the resistance level at $15.6, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to Yahoo's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $15.6 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.