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Fan Yang

Baidu (BIDU) - Will the $180 Support Hold? $160 Could be Next

Baidu $BIDU reached $180 and found support here as we expected:

Baidu (BIDU) Should See Support Above $180

But just because it found support here, it doesn't mean there has to be a bullish reversal from here. 

BIDU Weekly Chart

(click to enlarge)

- At $180, price is being supported by a rising trendline. 
- This is also the middle of the triangle consolidation that formed in 2016 into mid-2017.
- We were right in anticipating support here.
- However, the upside is limited to $200-$210 at the moment as the market is in a risk-averse environment.
Next Support:
- Inability to climb back above $200 would put downside pressure towards the next support , which might be around $160
- Furthermore, the RSI might dip below 30 before the market decides BIDU has been oversold. 
- Meanwhile, until general market risk appetite returns, we should limit upside to the $200-$210 area. 

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