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Fan Yang

Baidu (BIDU) In a Critical Bullish Breakout

Share price of Baidu (BIDU) has been sharply bullish in July. We recently noted that this push was threatening a key consolidation resistance, and that a breakout opens up further bullish outlook. This breakout has materialized this week.

BIDU Daily Chart

(click to enlarge)

- The daily chart shows a market that has been in a sideways consolidation.
- There was some congestion as well, which formed a triangle.
- Now, the triangle as well as the range resistance is broken.
- This breakout opens up the 218 high from late 2015, then the 252 high from late 2014. 
Anticipating a Pullback:
- Also, if there is a pullback, consider support if price comes down to the 190-195 area, and if the RSI is back around 40.