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Fan Yang

Where to Buy BIDU?

Baidu (BIDU) has been choppy. If we look back a few years, we can see that it has been relatively sideways, with a slight bullish tilt since 2013. But since 2015, we had a bearish correction that has now turned more into a congestion/triangle.

BIDU Daily Chart 5/10

(click to enlarge)

Looking at the daily chart, we can see the declining highs and rising lows, hence the triangle.

Currently, price is falling sharply from 200. I would not want to buy or sell at the moment. Buying is like catching a knife while selling is chasing. Instead, I would like price to come down further into the 150-160 area. If price can flatten here, I would think about buying. 

Trade Idea:

Entry: 155
Stop: 138 (11%)
Target 1: 180 (16%)
Target 2: 190 (22.6%)
Target 3: 200 (29%)

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