Is Yahoo! Closing in to Resistance?
Published on Monday, 08 April 2013 07:04 Written by TradersHuddle Wire
New York, April 8th (TradersHuddle.com) - Shares of Yahoo! Inc. (NASDAQ:YHOO) are trading very close to calculated resistance at $23.88. The stock ended the trading session at just $23.30, which is near levels that make it difficult to buy or start a position.
Yahoo! Inc. (NASDAQ:YHOO) 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 stock range is defined by its calculated support defined at $21.87 and by the resistance level at $23.88; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for Yahoo!. However, as the stock pulls back towards $21.87 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $23.88 then traders will get an opportunity to enter the stock as it moves to a higher range.
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