BIDU - Look out Below.. Big Bearish Move DownToday we look at BIDU
We see a Huge Bearish Descending Triangle in which we have been in for the last 280 days or so.
We can observe this as illustrated with the lower highs while we are posting the same level lows
To add to the bearish sentiment we also formed a Bearish "Bear Flag" within the same price structure.
We just broke down from the bear flag and closed below.
Looking at price action and volume we find data to support a bigger move lower as well.
We are taking longer time buying then we are selling AND the price action bars buying are far weaker than those selling. Volume supports and agrees as well.
Going into Monday we are looking for some small corrections to start the week then ADD to our PUT OPTIONS as the market continues to sell off.
First Long Term Target: $95
Ideal Re-Entry: 153-157