Baidu (BIDU) has been trading sideways in 2016. The weekly chart below shows the coiling price action (lower highs and higher lows), which has formed a triangle. During the 2/23 session, Baidu released earnings.(StreetInsider.com) Baidu.com (NASDAQ: BIDU) reported Q4 EPS of $0.93, ex-gain, $0.02 better than the analyst estimate of $0.91. Revenue for the quarter came in at $2.62 billion versus the consensus estimate of $2.67 billion.Baidu currently expects to generate total revenues in an amount ranging from RMB16.480 billion ($2.374 billion) to RMB17.030 billion ($2.453 billion) for the first quarter of 2017 (*** consensus is $2.47 billion), representing a 4.2% to 7.6% year-over-year increase. This forecast reflects Baidu's current and preliminary view, which is subject to change.Baidu (BIDU) Weekly Chart 2/23(click to enlarge)Cyclical Resistance:- As we can see on the daily chart, price action has been in a cyclical up and down manner since late 2015. When the RSI was near 60 and turned down, we usually saw price fall to the support side of the triangle. Then price would pick up as the RSI turned up from around 40. - Unless the earnings report was something extraordinary, we should respect the resistance here.- Looking at the daily chart, we can see that price retreated from 188.00 and closed the 2/23 session with a bearish engulfing candle.- I think we should let the dust settle and see where BIDU closes at the end of the week.- A close above 188.00 would be a major bullish signal.- Otherwise, I would respect the resistance and the bearish engulfing candle.- 180 and then 170 would be the bearish targets. Note that both of these targets are still within the triangle and therefore within the context of a sideways market whose range has been narrowing since late 2015. Baidu (BIDU) Daily Chart 2/23(click to enlarge)