If you’ve held Baidu (BIDU) for much of or frankly any part of July, you have a nice chunk of cast in return for spotting this stock. If you’ve shorted it before this point…Yikes! you are probably regretting it big time.
Nonetheless, Baidu (BIDU) despite its incredible rise higher, is hitting some familiar ground that it only tends to frequent momentarily before changing course and fooling those who are its most loyal followers.
The last 8 times BIDU has crossed above the upper Bollinger Band, it tends to sell-off and sell-off heavily. I did a similar chart on Yahoo (YHOO) yesterday and mentioned the same exact thing and today it has seen its fair share of profit taking despite the broader market pushing higher on the day.
Here’s the chart analysis on BIDU.
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