BIDU daily - possible breakdown
BIDU is more bearing than bullish fundamental stock, therefore we would trade it mostly on a short position.
BIDU daily is in a big up channel with a high possibility of channel breakout. Price went into the area of resistance and got rejected.
Volume is ticking much higher on price fall which is bearish.
RSI after strong divergences starts to fall further.
MACD histogram ticks red while the MACD line cross over the signal line which is a bearish signal.
Overall: BIDU is at major resistance of the blue trend line and BigRed 200 days MA and 20 days MA which should act as support. In case they don't, and the price of BIDU continue to accelerate it will be extremely bearish for price and we would enter a short position. Entry would be when the price cross on a bigger volume or close day below BigRed, 20 days MA, or a blue dotted line.
On the other side, if BIDU bounces from this support with resistance would be at 140 where it would create new negative/bearish divergences which would indicate a possible drop.
BIDU daily is in a big up channel with a high possibility of channel breakout. Price went into the area of resistance and got rejected.
Volume is ticking much higher on price fall which is bearish.
RSI after strong divergences starts to fall further.
MACD histogram ticks red while the MACD line cross over the signal line which is a bearish signal.
Overall: BIDU is at major resistance of the blue trend line and BigRed 200 days MA and 20 days MA which should act as support. In case they don't, and the price of BIDU continue to accelerate it will be extremely bearish for price and we would enter a short position. Entry would be when the price cross on a bigger volume or close day below BigRed, 20 days MA, or a blue dotted line.
On the other side, if BIDU bounces from this support with resistance would be at 140 where it would create new negative/bearish divergences which would indicate a possible drop.
Consistency is the key of success....
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