$BIDU: The Falling Wedge

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Early last year, with Citigroup reiterating their sell on BIDU at $83, I was busy pointing out the beautiful falling wedge on the stock. This bullish reversal pattern has a habit of resolving sharper to the upside.

$BIDU reported earnings last night and is now up over 100% since I highlighted this chart formation, and the stock looks poised to take out the $200 barrier.

bidu

Charts do matter, and while the stock sometimes does not go the way the chart says it will, more often than not it will.

Here are a few of my charts and videos from stocktwits last year before $BIDU mounted this massive rally:

http://stocktwits.com/message/12602555

http://stocktwits.com/message/12747148

http://stocktwits.com/message/12637957

Profile photo of uranium-pinto-beansKnown to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

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