BIDU: Support Levels

(Click on charts to enlarge)

BIDU was called much lower before the open this morning, along with the general market. When that occurs, we want to identify levels of support and watch to see what happens.

To the far right of this chart, you'll see numbers 1 thru 6, identifying support:

#1 is the top of the larger pattern, in white. That didn't hold yesterday, but BIDU closed back above it yesterday.

#2 is the neckline of the Inverse Head & Shoulders (horizontal yellow line)

#3 is the low of the Right Shoulder of the H&S pattern, which was 119.25 (horizontal red line).

#4 is the rising trendline off the 112.95 low. It's at 118.23 today.

#5 is the low of the head of the Inverse H&S pattern, at 117.10

#6 is the low of the entire pattern, at 112.95.

Just before 9:00AM, a half an hour before the opening, look where BIDU was indicated to open:



BIDU is circled, bottom left. The indication was right at Support level #3, 119.25. By the time the stock opened, it took that out to the downside, so I entered a buy order at 118.30, just above Support Level #4, at 118.23.

Unfortunately, due to heavy trading in fast market conditions...look what happened to my order.




It took a few extra HUNDREDTHS of a second for their danged computer to get with it and accept my order, but that cost me a good trade. The order didn't get filled. UGH. I hate it when that happens ;)



BIDU bottomed at 118.00 during the first minute of trading, then went on an upside screamer thru Support Level #3, at 119.25, and continued up to Support Level #2, the neckline of the Inverse H&S, in the mid-121's. The high thus far this morning off the 118.00 is 121.45.

So-o frustrating not to get my order filled after a lot of preparation for the trade, but that's all part of the game that we know and love.

I don't love it this morning :(