Entries in Bullish Pennant (5)
BIDU Breaking Out From a Bullish Pennant
Price Patterns
in Bullish Pennant
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Shares of Baidu.com (NASDAQ: BIDU) have bounced back after a sharp pullback in November all the way down to $300. The all-time high at $425 is the next stop after today's breakout from the bullish pennant.
Baidu.com is the Chinese equivalent of Google. Think about the investment themes at work here: China and the Internet. These are two hot sectors right now. So, why not get both with BIDU?
BIDU is a likely candidate for end-of-the-year window dressing, which is when fund managers try to squeeze out extra returns in their strongest holdings. BIDU is definitely one of the year's strongest stocks with a gain of over 200 percent.
In the short-term the stock might run up to its all-time high at $425. Make sure it closes above $400 today, which will confirm the breakout from the bullish pennant.
Google -- Bullish Pennant
Price Patterns
in Bullish Pennant
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How high will Google (NASDAQ:GOOG) go?
The stock is on fire. Plain and simple. All time highs! Above $600! Here comes $700...
Amid all of the excitement, however, it's worth noting that the stock hit a long-term price objective derived from a bullish pennant dating back to late 2005. The price objective for the pattern is $600, plus or minus a few bucks.
That's not reason enough to turn bearish on the stock. Not at all. Only a maniac wanting to burn money would try to short GOOG right here. But it's reason enough to think twice about taking out a second mortgage and putting it all in out-of-the-money GOOG calls. Heck, it might be reason enough to snug up protective stops on existing positions to lock-in some profits.
Gold -- Bullish Pennant
Price Patterns
in Bullish Pennant
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Do you recall the bullish pennant that we highlighted in gold 25 days ago?
Gold has done nothing but go up since then.
How sweet are price patterns?
Garmin -- Bullish Pennant
Price Patterns
in Bullish Pennant
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Technology stocks have been on fire for months. Right now, they're smoking!
Garmin (NASDAQ:GRMN) is among the hottest. As of three days ago, the stock was up by about 45 percent for the third-quarter.
That was before the breakout from the bullish pennant.
At this rate, the stock will probably see its bullish price objective of $125 by quarter's end on Friday.
Gold -- Bullish Pennant
Price Patterns
in Bullish Pennant
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Many commodity traders, especially the gold bugs, will be watching to see if the yellow metal breaks out from its bullish pennant. Doing so would project a price target of around $750 per ounce.
