Updated 5 minute intraday YHOO chart with fibonnaci levels at 50% and 38.2%
Held very well on all 3 dips today ( nice strength going into 2:30pmEST)
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YAHOO ( $YHOO) Trade & buying into support on it Wednesday Jan 26th
What great teamwork and analysis on YAHOO ( $YHOO) yesterday in the chat.
We had bought on that drop into mid $15's on YHOO some of the traders had done option plays ; Here is the charts & why we bought into yesterday's dip.
We thought could move up on rumour buyouts again. The fact that was into some key support into the 200day sma along with a bit of panic selling after earnings was a reason that it gave a great risk/reward from those levels . Was willing to add more into $15 dip . Playing 2 positions a swing & longer term play but if tops out today into or before that $16.50 may take a chunk of the longer term off the table too.
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Very happy to see today's YHOO spike on that very thing . We thought we'd have to wait a bit longer for a move back up , but happy when happens a bit quicker. So we did great buy into some nice support & we are almost hitting some good resistance..Here is an updated chart for today ( January 27, 2001)
Hope you find this analysis helpful :