Tuesday, July 24, 2012

Baidu (BIDU) shows a bull flag in a bearish market

Baidu (BIDU), the Chinese dot-com and NASDAQ-100 component, are up about 7 percent today, with about 30 minutes left until the close of trading. An impressive post-earnings pop, particularly given that the broad market is down about a percentage point.

BIDU, today (July 24), 1 minute candles

The 1-minute candles chart of BIDU shows that the stock is making a bull flag formation today. A break through the upper trendline of the downward-sloping price channel would be considered a buying opportunity.

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