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| 7/13/99 Yahoo Inc (YHOO)
Points to watch: YHOO's rally off the 6/15 lows ran into trouble at resistance at the 50% retracement (181.43) of its 4/6-6/15 decline on July 6th. The stock moved above the 50% level on an intraday basis, but was unable to hold its gains and reversed, finishing below the important resistance level, a bearish sign. The stock has been falling steadily since failing to close above the 50% level. Yesterday the stock closed below both its 21 day (154) and 55 day (155.2) moving averages. Technical indicators are weakening at an accelerating pace: daily stochastics gave a sell signal on July 9th, and daily OBV turned down sharply on July 6th. MACD and %R also continue to weaken. The stock is likely to test Gann support at 127.5 in the coming weeks. Upside resistance is at 166.5, the 38% retrace of the 4/6-6/15 decline.
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