BIDU – Bullish Trade Re-Visited 5.20.13

A couple of weeks ago, I shared a counter-trend trade setup with you in Baidu (BIDU, the Chinese-language Internet search provider, $98.68, up $3.96).

We did see the buy side triggers on that one and some nice rallies have followed.  I now have to throw the caution flag on this one as we have recently made one minor upside target and we are very close to an important resistance cluster at the 98.21-99.53 area.  This zone includes multiple Fibonacci price relationships including, extensions, retracements and a key price projection.

CB biduweekly

CB 2 bidu

If you are long BIDU, I would trail up those stops and even book some profits.  Watch this next resistance decision for a possible failure.  If you clear it however, the next meaningful decision then comes in at the 102.69 area.

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Carolyn Boroden

Carolyn Boroden is a commodity trading advisor and technical analyst specializing in Fibonacci analysis. Her unique form of price and time analysis is quickly proving to be one of the most promising trading techniques using Fibonacci available today. Ms. Boroden's first book, Fibonacci Trading: How to Master the Time and Price…