A Rally in Baidu
Is this a two-step pattern or the beginning of a new rally? Now that I've asked the question, I'm going to tell you that I cannot answer it just yet, but I do have some trading parameters for you.
Baidu (BIDU) Source: Dynamic Trader View Chart » View in New Window »I recently saw what I call a two-step pattern in Baidu (BIDU) and as there was what we call a "zigzag" into a rather healthy price cluster of resistance on the way up at the $117.15 to $118.18 area. Frankly, I thought BIDU was going to blow through this zone as we saw a very strong close INTO this resistance. Coincidentally, there was a downgrade, I believe, in Monday's session that caused this stock to tumble from this key price decision. (Funny how the fundamentals sometimes coordinate nicely with the technicals.)...368 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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