YHOO: Technical Alert
Shares have been downgraded twice this week largely on valuation. From a technical perspective the move this morning has been "classic" with the stock bouncing off a major support area ($39) which was formerly major resistance.
This is a key level, if broken the uptrend is broken, next major support then would be at $32. However, if the stock continues to ignore the downgrades, it may yet rejoin its uptrend line (stock has been moving sideways in consolidation for several months). That would suggest an upside objective of $45 (above former high) with potential to $50.
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