Yahoo YHOO Surprises with Bullish Breakout into Open Air

As the stock market bull continues, we continue to see stocks breakout to new highs.

Yahoo! (YHOO) is another growing example of a leading stock breaking out to a new swing high.

Take a moment to view the prior post “Ten Strong Stocks Breaking to New Highs.”

Yahoo shares developed a Trading Range (rectangle) between the $35.00 and $38.00 per share level.

We’re seeing a bullish breakout beyond $38.00 this week and a quick swing up toward $40.00 per share.

Let’s take this Daily Breakout and place it into the larger context of the Weekly Chart Trend and “Open Air:”

Yahoo (YHOO) shares established a wide range of the $52.00 high and $26.00 low from 2014 to present.

The breakout beyond the $38.00 range opens the stock into “Open Air” beyond this resistance level.

The quick take-away is that shares could extend the rally through price levels without resistance.

For now, watch the $36.00 and $38.00 support levels and as long as price trades “up away from” these pivots, Yahoo! (YHOO) remains a bullish breakout “open air” buy candidate.

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Corey Rosenbloom, CMT
Afraid to Trade.com

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