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Wall Street Artist
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Experienced Trader with over 10 years in equities, options, and futures strategies. Seeking to further advance the sharing of knowledge base, help educate, as well as continually improve strategies for investing.
  • Yahoo's Potential Break Out 0 comments
    Jan 25, 2013 6:10 PM | about stocks: YHOO

    With (NASDAQ:YHOO) announcing earnings Monday, I am already bullish on the stock. Confident new management is fueling a turnaround story for the company, I would expect at a minimum, on target earnings and raised guidance for 2013 which could push the stock higher.

    (YHOO) has been stuck in this $19 - $20 range for some time indicating an accumulation period was taking place. From a technical perspective I have been seeking a trend confirmation signal that would indicate it's time to initiate a long position. Confirmation of a potential break out came to fruition yesterday with (YHOO) breaking the neckline on an ascending triangle formation and a move higher to close @ $20.44.

    (click to enlarge)

    I recommend a buy on (YHOO) anywhere below $21.00 ahead of earnings, with a stop of $19.00 and target of $25-$28. A breakout above $21.50 and stop moves to $21.00.

    Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in YHOO over the next 72 hours.

    Stocks: YHOO
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