Two quick charts tonight. First BIDU, its still got that beautiful up trending channel and now sports a golden cross to boot. I think this is a low risk place to go long BIDU at the lower end of the channel, if BIDU drops further, lets say below $230 (which is max pain btw), then I would expect it to swiftly drop to $200. And as I
mentioned previously, a break of $200 puts BIDU in hardcore bear mode.
AZO, on the other hand, looks like a building rug pull. A bearish delight, if you will. After making a new all time high at $169.99 two weeks ago on no volume, it reversed and has been selling on increasing volume since. It broke it's 50 dma, retraced and failed to retake it. I think this one heads down to fill that gap at $140 rather swiftly. After that, we'll see. That 200 dma looks pretty flat to me.
Disclosure: I bought some BIDU hail mary calls today at the close, and I own some further out AZO puts
AZO, on the other hand, looks like a building rug pull. A bearish delight, if you will. After making a new all time high at $169.99 two weeks ago on no volume, it reversed and has been selling on increasing volume since. It broke it's 50 dma, retraced and failed to retake it. I think this one heads down to fill that gap at $140 rather swiftly. After that, we'll see. That 200 dma looks pretty flat to me.
Disclosure: I bought some BIDU hail mary calls today at the close, and I own some further out AZO puts
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