The Only Tech Name You Need to Own – Yahoo!
- Posted by Greg Harmon
- on November 13th, 2012
Something crazy is going on in the tech space. Maybe it is Marissa Mayer, or maybe just the relief of uncertainty, but Yahoo, $YHOO, looks like a long term buy. Earlier this year many jumped on board when Marissa Mayer took over as CEO. The daily chart below shows that action. Technically the break over 16.40 triggered a buy signal with a target on the break of the wedge higher at
18.70. Now solidly on the path to that target a pullout to the bigger monthly picture is starting to look very juicy. This monthly view shows a push through the 23.6% Fibonacci level at 17.09 and now a test of resistance coming at 18.20 at the top of an ascending triangle. A push through carries a target on the pattern break to 24.80. That is a big move. Achieving that target would put it squarely in the middle of the 38.2% and 50% Fibonacci levels retracing back to the move off of the 2006 high, basically bringing the 26.22 level into play as well.
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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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