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Monday, April 16, 2012

YELP - Line In the Sand

YELP's rally in the past few days had been belabored, hugging the broken up trend line in the daily chart.

The 60 minute chart initially provided some positive bias but it's all gone.  The trend line break is confirmed by the MACD crossover.   25 is the line in the sand, confluence of support along with the 20 day EMA.

UPDATE:  Here's the daily chart.  Surely the 50% Fib level is a magnet, but one thing that's troubling is the MACD continues downward even as prices bounce.

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