Baidu, Inc. (BIDU) has been setting up in this little three-weeks-tight (3WT) flag formation, and is just starting to poke back above its 10-day moving average, as we see on the daily chart below. Volume would need to be higher than the two downside volume spikes four and 10 days ago on the chart. Right now BIDU volume is running at a rate to exceed the down-volume rate of 10 days ago, but it is not clear whether that volume rate will hold. In any case, we would like to see BIDU volume exceed 9.852 million shares on the day for a valid pocket pivot. That said, we like the 3WT pattern and have bought a starter position (for us, that is) in anticipation of a pocket pivot today.
PPR - Baidu, Inc. (BIDU) in Position for a Pocket - Monitoring Closely
|Published:||11 Oct 2010 14:20 ET|
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