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YHOO – Yahoo!, Inc. – Shares of the world's largest global online network of integrated services reached again main bearish resistance line at $15.30 and are now preparing for the breakthrough. From January 06 peak at $43.60 a Long Tail Down pattern decisively penetrated the major support line at $35.00 switching the trend nature to bearish. The sharp decline continued with more Long Tail Down patterns interrupted by corrective up moves reaching $22.70 in October 06. Since then prices started trading in a sort of undermining sideways movement defined by a solid resistance at $34.10 and a weakening base. A pattern of lower lows at $22.70, $22.20 and $18.60 opened wide to a new wave of downtrend. The key signals that cleared the way to the final sell off were the breach of the major bullish support line at $23.60 followed by the double bottom breakout at $22.90. The Lowest level was reached in November 08 at $9.00 where a Low Pole pattern signaled that a turning point was developing. Prices recovered regaining quickly some ground to $13.50 before reversing back and finding a strong support at the double bottom at $10.90 where the uptrend resumed. Lately we have seen prices approaching twice the bearish resistance line at $15.30 and pulling back to $13.60 at first try. A new failed attempt to penetrate resistance line would most likely trigger a significant correction of the latest uptrend which might find support at $10.90. The weight of the evidence is still on bearish side although something is changing. Lighten at double bottom breakout at $13.90 and close all long positions at triple bottom breakout at $13.50 with possible contraction to $12.00 at first and then to $10.90. On the upside open new longs only at penetration of the major bearish resistance line now crossing at $15.40 with short term target set at $16.30 and in the medium term at $19.50.
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