Falling wedge pattern formed with strong fundamentals for BIDU
With an earnings and revenue beat, Baidu is poised for a bearish upward trend once headwinds from delisting and clampdown from the Chinese government are decoupled from the company. Technical analysis shows Baidu trading are key Fibonacci levels and forming a falling wedge pattern.
Price Target:
Near term: 212.08, with a 60% confidence
Mid-term: 260.87, with a 50% confidence
Risks:
Price Target:
Near term: 212.08, with a 60% confidence
Mid-term: 260.87, with a 50% confidence
Risks:
- Bear flag wrongly recognized as a bearish falling wedge (somewhat likely)
- Government clampdown (unknown)
- Delisting (least likely)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.