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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (27513)7/14/1999 5:48:00 AM
From: IQBAL LATIF  Read Replies (1) of 50167
 
Yhoo..CMGI ...YHOO fall sharply in the opening but recoverd and closed above..its 25-and-50-day moving averages. from chartists....point of view..

,,,While the action during the morning session looked ugly, Yahoo made a strong recovery during the afternoon session. Yahoo fell all the way to $145 before finding support at that level. The important thing is that the stock managed to close above its 25-and-50-day moving averages. Since it?s sharp pullback from $180 to $145, technical indicators reached an oversold level and Yahoo has the best chance of a technical rebound of all Internet stocks.

CMGI//CMGI did come close to its 25-day moving average around $105, but rebounded strongly by the end. As long as the stock stays above its 25-and-50-day moving averages, current pullback would be viewed as nothing more than profit taking.
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