Baidu, Inc. (BIDU) posted a roundabout type of pocket pivot at its 50-dma on Wednesday. Notice that this comes after an undercut & rally (U&R) move that occurred six trading days ago on the chart after undercutting the prior late October low of 232.44. This pocket pivot move back above the 50-dma serves as confirmation of the prior U&R move and is actionable using the 50-dma as a selling guide. Note, however, that the stock did stall slightly to close mid-range on the day, but this is logical within the context of a sharp upside move over the past six days following the initial U&R. Therefore, we could see the stock consolidate slightly here, and a constructive pullback closer to the 50-dma on light volume would be a good thing to see, and perhaps offer a more optimal entry opportunity.
Pocket Pivot Review - Baidu, Inc. (BIDU)
|Published:||23 Nov 2017 14:38 ET|
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2022 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.