Dizkover#StockIdeas: #YHOO pullback scenarios, your safest trade
Updated December 12, 2013 ● 1,365 views
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YHOO has been on a bull ride for the past couple of weeks. But we all know, no stocks shoots all the way up high. There will always be a pullback as you can see from the daily chart. And YHOO already had a major pullback yesterday.
YHOO Pullback Scenarios:
If you look at the daily chart: YHOO peaked right at the top of the up-trend channel 2 days ago. It also peaked at 100% Fibonacci level.
"Technical Analysis 101, professional traders take profits at 100% level. This is why you saw a major pullback yesterday."
But How Much Further Will YHOO Pullback?
- It could bounce from 78.6% Fib level at $38.45 and continue to make new high!
- If it breaks below $38.45, it could go further down to 61.8% at $37 area. This is where 200hEMA and 50dEMA could cross in few days.
Your Safest Entry Trade:
The safest entry trade is when YHOO breaks for a new high above 100% Fib level. Above $40.25.
*Remember trade at your own risk. Always do your own research and analysis before you trade.
DISCLOSURE:
UPDATE 12/10: I bought JAN puts when it peaked above $40.
Also Read:
- How To Trade Using Fibonacci Retracements | #FB #TSLA
- How To Trade With Fibonacci Extension? | #YHOO
Past Trading Performance:
Yahoo! Inc. (YHOO): Alibaba signals delay in IPO plans - Seeking Alpha []
Alibaba signals delay in IPO plans
- Likely signaling a sizable delay in the timing of its IPO, Alibaba is reportedly seeking to extend the draw-down period of an $8B loan to December of next year (from January).
- "We have plenty of cash on the balance sheet and there is no need to draw down at this time, so we are extending the availability of funds to maintain flexibility," the company says.
David · 10 years agopermalink · reply (0)
Bearish Head and Shoulder pattern seems to have formed at today's close. Watch for another nasty pullback here.
David · 10 years agopermalink · reply (0)