Baidu looking prime Gorgeous diamond breakout mid May, pulled back once to test the 20MA and establish trend line. The RSI and MACD are very strong, with stochastics/reversal candles looking ready to knock out this short term sell swing. Will use this anticipated consolidation over the next few days to pick up some calls on either the 20MA/trend line. Il swing it into the 185 ceiling as a golden cross is on the horizon aided by a fresh weekly MACD cross and relative momentum that is climbing higher.
BIDUD trade ideas
BIDU - Potential Long for TuesdayBIDU finished Thursday with some accumulation it would appear (high volume, practically no movement and finish in higher portion of candle). On Friday it was down slightly on lowered volume.. transition from strong to weak handles??? Will keep an eye on volume and spread Monday to gauge whether to buy or do nothing on Tuesday.
BIDUToday the price was quite close to the $170 level I mentioned yesterday (Yellow PivotBreak line). We can see thatthe buying energy is accumulating quite fast. I'm afraid from one thing though - that tomorrow the stock will already open on a gap up...That's why I considered loading up a little at the session end, bu being a day trader, I could not violate the number one rule - Never hold overnight!