Thursday, August 23, 2012

Baidu (BIDU) in a sharp sell-off

As S&P500 futures flirt with the 1400 mark in today's session, Baidu (BIDU) shares are continuing their four-day sell-off in earnest. The last few minutes suggest capitulation.

The one-minute candles chart shows the marked nature of the last hour's high-volume selling. Shifting perspective to the daily candles chart, significant price channel support is still considerably distant, just above $105. This two-year vantage point also reveals that price has failed to hold the 200-day simple moving average, which the August rally had just managed to take.

BIDU. Aug 22 to present. 1-minute candles.

BIDU. Jan 2011 to present. Daily candles.

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