As the stock market bull continues, we continue to see stocks breakout to new highs.
Yahoo! (NASDAQ:YHOO) is another growing example of a leading stock breaking out to a new swing high.
Take a moment to view the prior post “Ten Strong Stocks Breaking to New Highs.”
Yahoo shares developed a Trading Range (rectangle) between the $35.00 and $38.00 per share level.
We’re seeing a bullish breakout beyond $38.00 this week and a quick swing up toward $40.00 per share.
Let’s take this Daily Breakout and place it into the larger context of the Weekly Chart Trend and “Open Air:”
Yahoo (YHOO) shares established a wide range of the $52.00 high and $26.00 low from 2014 to present.
The breakout beyond the $38.00 range opens the stock into “Open Air” beyond this resistance level.
The quick take-away is that shares could extend the rally through price levels without resistance.
For now, watch the $36.00 and $38.00 support levels and as long as price trades “up away from” these pivots, Yahoo! (YHOO) remains a bullish breakout “open air” buy candidate.