The broad market as well as BIDU have been in a nice long rally. It's about ready to turn or at least flatten out. Looking for an opportunity to short BIDU this week. Today's (Monday 3/29) action should give some signals. Initial look says short on a trade thru 588. Any comments?
BIDU is above all of it's moving averages. the volume is above average. It is still in an uptrend. mho
Yes, but anticipating that market will correct and moving averages will crossover I have moved my entry stop up from 588 to 590. If the market trades down to support at 588, my guess is that support may not hold. The air is coming out of the BIDU bubble !!!
What is indicating that the air is coming out of BIDU? I don't see any. I would at least wait till it broke the 50 dma.
BIDU is extremely overbought... I think... with its indicators... I was trying to get bearish a couple days ago but never got my entry signal as BIDU kept rising...
The volume spiked the week of 3/22 - 3/25. Volume less this week w/o follow thru. Change in short term trend possible. Didn't say it would happen, on saying it may be setting up for a break below 585 this week ... indicating a lower low. If we break on decent volume, be ready to fall further.
Well...anything is possible. If you notice the slight pullback in stock price from 3/29 to present in lower volume, that is a good sign. Not many sellers. Technically it still looks good. Historically...3 out of 4 stocks follow the trend.
Not many sellers yet. Sellers should start to appear at a close below 610. I'm moving my entry point up ... to 611. Surely, somebody else can see the opportunity.