BIDU - At Resistance?

BIDU's all time high in 2007 was $429.19. Notice now, 2.5 yrs later, we are in that same range of all time highs. The climb back in 2007 was much steeper than it is now. Note, this chart is using a WEEKLY period.

There's some interesting candle patterns here. I see a Bearish Engulfing in the Oct'09 timeframe. Going into Nov'09, we get a Dark Cloud Cover. These things happen at resistance, which that is where we are. Then, the latter part of Nov'09, we get a gap to the upside and that doesn't fill for 7 weeks. I think that's significant and lends to a more bullish flavor.

With the news of GOOG possibly pulling out of the Chinese market, it gives BIDU basically no competition, which is what is I believe causing the bullishness this week.

However, if we switch to the Daily chart where this is 6 months worth of data, we see there is more a bearish flavor, but not super strong, at least not since mid-Nov'09. Today's candle looks like a Hanging Man, which is a reversal type candle. Honestly, I can't remember the percentage where it's like 46% or 64% of I don't know. Hanging Man's occur at resistance.

Something I learned in one of my coaching classes is "The Tale is in the Tail". The tail points down. We are at resistance. Is there enough news to take BIDU to its next level? $540? $671?

BIDU has had a whole year of BULLISHNESS. Let's see if this news will propel it to greater highs.

As for the technicals, RSI downtrend was broken today. The volume was pretty strong on the bullish side by A LOT. And, MACD's bullishness is starting. Will the news be enough to sustain?
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