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Fan Yang

Baidu (BIDU) Has Upside to $200, $210 if it Stays Above $160

The share price of Baidu $BIDU has been consolidating since late 2018 after it was driven down just below $155. 

Price has since climbed back up, but the price action has been relatively flat as we can see on the daily chart. 

Still, I think there is a short to medium-term price bottom above which price might push towards $200 or even $210 in 2019. 

BIDU Daily Chart

(click to enlarge)

Price Bottom:
- As we can see on the daily chart, BIDU's share price has stopped falling since late December.
-  Furthermore, the RSI pushed above 70, which shows initiation of bullish momentum.
- If the RSI now holds above 40, and price again makes a higher low (above 164), then I think there continues to be upside.
- However, we should limit the upside to the $200 area or at most the $210 area.
- The 200-day simple moving average is around $195, and $200 is a psychological level.
- Above that, the $210 level represents the upper part of a critical support/resistance pivot area.
- A close below $164 on the other hand revives the bearish outlook and puts pressure on $160, and the 2018 lows around $154.

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