May 8, 2015

BIDU Bearish weekly chart

  • First chart shows a head and shoulders and Descending triangle pattern. This one need price to close the week below 194 levels. Next level which bears need to break is 187 which is the 38.2% Fib level. For the pattern to work well The Fib level must break.
  • Price sustaining below weekly cloud will also favour bidu bears for further correction.
  • Last chart shows how the breakdown happened after bulls failed to stay above 200 SMA.

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