Baidu, Inc. (BIDU) - Bullish Engulfment Pattern
Above is a daily chart of Baidu, Inc. (BIDU) and as you can see this stock has pulled back to its uptrend line. BIDU formed a bullish engulfment pattern today right at the trendline which I think is significant. Volume also increased today compared to the previous days when the market was moving lower which is another bullish sign in my opinion.
In the lower panel is a ratio line that compares BIDU to the S&P500. As you can see this ratio line is in a very strong uptrend. In fact, the ratio line is close to making a new high which is another indication as to how strong this stock really is.
The bullish engulfment pattern will be confirmed if the high of today (71.63) is taken out next week. Baidu Inc. closed at 70.85 up 3.27 from yesterday's close.
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3 comments:
doesn't BIDU look like a Head & Shoulders pattern?
also, do you think the S&P500 is forming a head and shoulders?
thanks
thats not a head and shoulders in BIDU because participation didn't dry up at the top of the pattern. however heavy selling did enter bidu just a couple dollar above where we are. it may lift at let this retest highs. this is a good pick kevin, also did you see tellabs? i noticed this one from an industry/group top down look. for some reason i missed Bidu. Imma have another look. Take a look at tellabs for us would ya?
thanks for the great blog.
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