BIDU


This is looking at the 4 yr history of BIDU on a weekly period.

This chart is absolutely gorgeous. The traders here are very cohesive and wonderful. I hope you can appreciate it. To go from $50 up to $425 in less than 2 yrs is absolutely insane. I had so much fun trading this stock during that time.

Looking at the fibs, the stock has retrace 61.8%, which is a lovely fib number. I can't help but salivate here. We are overall in a compression pattern (descending wedge). See it? The support is at 100 and the blue down trendline? We are currently @ resistance.

RSI shows we are at RSI resistance (overbought area), with the peaks getting lower. This signals bearishness.

MACD is showing weakness in bullishness.

Volume is decreasing in the bulls. Let's see if bears begin picking up.



BIDU is probably one of my more favorite all time stocks to trade. Though, I have not traded it well over a year, maybe even 1.5 yrs.
As we look at the most current price action, we have double tops where the right top is lower than the left top. This is bearish flavor. Support is in the 260-270 range. If it drops through this, the 215 area is the next support.
Will it see 105 again?
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