Technical Pulse: Baidu, Inc. (Current Price: US$143.66) – TECHNICAL SELL March 2, 2023 213

 

Baidu, Inc. (NASDAQ: BIDU) Potential continuation of the current bearish momentum to retest US$122.00 at support zone 1 and subsequently US$107.00 at support zone 2:  

 

  1. The price is trading in a downtrend channel currently following a breakdown of the recent uptrend channel, which provides a bearish reversal signal.
  2. The price could continue its bearish momentum to retest US$122.00 in the first support zone at US$121-127, which was a prior resistance during the consolidation period from December 2022 to January 2023.
  3. It could then head to the US$107.00 level thereafter in the second support zone of US$102-110, which was the range support from December 2022 to January 2023 and confluent with a 61.8% Fibonacci retracement level using a swing high of US$160.88 and swing low of US$73.58.

 

 

*Expected timeline of the trade is 13 weeks from the date of report issuance.

 

CHART LEGEND

 

Red box = Resistance zone

Green box = Support zone

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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