Technical Analysis of Financial Markets

Friday, January 12, 2007

Yahoo! Inc. (YHOO) - Head & Shoulders Bottom

After declining some 93% over the past 12 months, Yahoo! has consolidated into a bullish Head & Shoulders bottom formation. A strong 3.5% breakout from the neckline has confirmed the pattern which may see a pullback towards the neckline support before price action resumes higher. Initial price target at $31. Stop-loss: close below neckline.

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