BIDU: Diamond BO failed; Big red cloud ahead
Unlike previous diamond BO, BIDU did not have volume conviction this time. Good news is that it held the Channel support above 153. I think it have to consolidate more to flush out more sellers as it enters the thick red cloud. Maybe sellers will run out & buyers will start to come in with volume support,
Be patient & wait for the next BO with volume.
It may be good to start DCA dollar cost average in with a tight cut loss in case BIDU breaks below the Diamond. Be very cautious as Alibaba has fooled us once with its first diamond reversal & may fool us again with its second diamond.
Not trading advice
Be patient & wait for the next BO with volume.
It may be good to start DCA dollar cost average in with a tight cut loss in case BIDU breaks below the Diamond. Be very cautious as Alibaba has fooled us once with its first diamond reversal & may fool us again with its second diamond.
Not trading advice
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