September 16, 2012

BIDU Weekend update

  • Weekly chart shows bullish engulfing pattern near crucial support levels.
  • Daily MACD getting ready for a good buy signal which should do well on crossing 50 Day SMA.
  • This is a small bullish setup on Bidu But one should also notice a classic topping pattern happening in weekly chart. It looks like a rounding top for me. So one should see how much the current wave up moves. If it does not retrace more than 61.8% for the last fall then things might favor bears for a larger fall.