BIDU Follow Up

Yesterday's add to position of BIDU Aug $110 calls is already in the green, but I'm more excited about how the chart is shaping up.

 The BIDU daily bearish descending triangle, which I believe is a bear trap.

 Below the triangle, the way BIDU is rounding in a base-like manner is encouraging, typically the bigger the base, the stronger the move it can support. Being below the triangle brings short sellers in to the picture, which provides the supply needed for accumulation in bigger size than normal.

 2 min BIDU leading positive at the rounding bottom

 3 min leading at the same place and a previous positive divergence that just might be part of a larger double bottom-type base; this would argue for an even stronger move.

 The 5 min shows the same possibility of a double bottom base as both saw positive divergences BELOW the triangle where short sellers would provide supply.

 5 min chart leading positive


 The 15 min chart in a positive divergence-this is pretty far out.

Finally a 30 min chart showing both positive divergences, this could be a very nice upside move. BIDU is in a position in which I would still consider it buyable.