With a name like Yahoo! (YHOO) you'd expect to see great things but lately the stock has failed to live up to its name. Problems with upper management and sales management have not yet been solved and the new cadre has yet to perform. Recently the market has become forward looking and predicts the problems will be resolved and fall to the bottom line as this Barchart hourly trading chart reveals:
Barchart technical indicators:
- 60% Barchart short term technical buy signal
- Trend Spotter buy signal
- The stock is presently above its 20 and 50 day moving average but still slightly below its 100 day moving average
- Although the stock is 24.42% off its 1 year high in the last 30 days the stock had 6 new highs and is up 4.09% in a market that is down 7.74% over the last 30 days
- The Relative Strength Index is 52.13%
- Barchart computes a technical support level at 14.07
- Recently traded at 14.20 which is above its 50 day moving average of 13.51
Summary: At the present time Yahoo (YHOO) is wading through a makeover and the jury is out on the verdict. Recent market action show there are investors that are buying even in this weak market. I'll watch from the sidelines at this point and not press the buy button at this time.
Jim Van Meerten is a Marketocracy Master
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