Wednesday, February 10, 2010

Earnings Gap - Baidu, Inc.(ADR) (Public, NASDAQ:BIDU)

BIDU gapped on earnings and guidance. After a shallow retracement, price found support from the rising 5 period EMA. NRIB - NR7 was a perfect entry point.

The bounce off of Friday's lows as depicted on the 60 minute chart of the S&P futures, is developing into a bear flag. If price doesn't rip through the upper channel line soon, wait for break of blue line.

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