Economies.com provides the latest technical analysis and forecast of the american stocks, in order to keep track of the trend of the US stocks.
Yahoo's stock rose in the short term, scoring a new profit of 0.57% in the last session, or 0.24 points, after hitting an intraday high at 42.61, bouncing off it lower and settling below the resistance of 42.51, which represents the ratio 61.8% of Fibonacci retracement levels for a descending wave in the medium term (from 52.61 to 26.16), while noting relative power indicators reached extremely oversold levels compared to the stock's upward movement, with ongoing positive pressure from the SMA for the last 50 days period.
Therefore we expect more gains to come for the stock, provided it settles first above 42.51, targeting thereafter the resistance of 46.96, which represents the ratio 78.6% of the same retracement levels.