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Fan Yang

Baidu (BIDU) is Confirming a Recent Bullish Continuation Breakout

Baidu $BIDU has been consolidating since it came up to $275 in October 2017. After coming down to $225.50, share price started to trade sideways. But in 2018, price action has been bullish, and it looks like BIDU has broken out of its consolidation range, signaling a continuation at least back to the $275 high.

BIDU Daily Chart

(click to enlarge)

Bulls in Charge:
- The daily chart shows that price is above the 200-, 100-, and 50-day simple moving averages (SMAs).
- We can also see that price appears to be moving up from its center of consolidation.
- I think we should anticipate a test of the 275 high, with a strong potential of breaking higher. 
- If prices pulls back, a hold above $240 would be a sign that bulls are still in charge. A break back below $240 could signal further consolidation or bearish correction.

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