BIDUTop of Ascending, broadening wedge. Can break either direction, but RSI is pretty high. Bulkowski says not to short the top because the bottom trend line is ascending...but
BIDU trade ideas
BIDU - Bearish GartleyThe main trend on BIDU is still down, but we can see that a Bearish Gartley was formed so I used a new wonderful tool from TradingView to under line the pattern. The price has hit the PRZ, and there are some bearish signals. On short term I expect for the price to fall back to point be or even lower. A close above the PRZ would invalidate this setup. Great job Trading View.
Economic Releases Tuesday, July 16, 2013Economic Releases for Tuesday, July 16, 2013 overlayed on BAIDU which is set for news overload tomorow.
BIDU Short - Falling MACD/RSIShort BIDU due to falling MACD and RSI. Also, MACD histogram crossover is pending. Downward channel and strengthening down-trend via DMI.
Baidu - looking for a second leg upBaidu looks like we can hope for a second leg up. Good opportunity would be at 50% retracement of AB and earlier resistance from July. Stop below the 0.786 retracement and target at AB=CD.
Profit Taking Last week we recommended a trade with target price $97.5 if u did not take profit time may be close. The stock is under aggressive distribution and has been in a sustained downside reversal since August, and looks could see $85 before the end of this year, but has a chance to bounce back above its 30-day ema. One thing many may have not noticed is 200-week exponential moving average $90.45 which the stock did not break so far but threatened and touched.
