Trade Ideas for Wednesday - Yahoo and Microsoft Corporation
Chart courtesy of www.stockcharts.com ( click to enlarge )MSFT found pretty good support on the rising 50 dma, however MACD is looking bearish as the fast line has crossed below the slow line on a daily chart, indicating a sell. The resistance now is at $23.95 which if taken out could lead to a bounce. We need to see what happen to project the next swing target.
Chart courtesy of www.stockcharts.com ( click to enlarge )At the moment the stock is trading within an uptrend channel marked by the white parallel lines. Technically speaking, Yahoo is in a Bullish trend showing positive sign as the stock has been on the upside since late January and it has been above both 20 day and 50 day moving aveage almost all the time since March. With MACD above 0 and RSI going up, there is no reason to leave this rally. In addition, the On Balance Volume is showing a clear positive divergence with the price action. The volume on up days has been better than on down days, suggesting the demand is staying relatively strong. So, keep an eye on YHOO.
That's all Folks. See you tomorrow !!
AC
Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations.The charts provided here are not meant for investment purposes and only serve as technical examples.
That's all Folks. See you tomorrow !!
AC
