Yahoo (YHOO) has been trading sideways between the range of $14.00 and $16.00 for the last twelve months. It is clearly on its own page and hasn’t followed market direction for the last year.
GAP REVIEW
On October 23rd, 2012, YHOO gapped up on earnings into the top of the $16.00 trading range. If YHOO can maintain this gap up over $16.70, it will start to attract more upward price action.
KEY LEVEL
Key Supply/ Resistance is $18.80.
THE TRADE
Buy YHOO long over 16.81 and look for a target of $18.80.
= = =
