March 24, 2012

  • BIDU Weekly chart is showing a bullish breakout.
  • Weekly chart is approaching upper bollinger band. Price need to close above this level for a possible trending up move to happen. 147.68 is the next resistance level to cross. Sustaining above Weekly Ichimoku cloud will favor bulls of BIDU. 
  • Last chart is the daily time frame of Baidu which is showing a possible resistance line which may give a small correction if not broken during the beginning of next week.
  • First chart shows price contraction with reducing volume. for now it looks like a descending triangle pattern. So a breakout beyond the falling resistance line or the support level should result in a trending move. Daily chart also shows strong support in 200 SMA and Lower Bollinger band.
  • Weekly has again managed to protect 50 Week SMA and 38.2% Fibonacci level on closing basis. Nifty may move sideways between the range shown in first chart till expiry before breaking out.

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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore