May 1, 2011

BIDU - Pin Bar Reversal candle

  • BIDU Weekly candlestick chart is showing a  PIN BAR Reversal pattern.
  • Pin Bar's that form at the top of an extended move are very effective.
  • Price and RSI are showing negative divergence for sometime now. But price has to confirm by making a lower close in daily chart.
  • For now if price breaks 20 dma we may see an extended correction. Price sustaining above 20 dma will continue to favor bulls.

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