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Fan Yang

Baidu (BIDU) - Analyzing the ABC Pattern

Baidu $BIDU has been in a correction mode since reaching $275 a share back in October 2017. Note that 2017 was mostly a year of consolidation until July when price broke upwards.

BIDU Daily Chart

(click to enlarge)

- The daily chart shows the run up and then the ABC correction.
- This does look like a possible completion of a correction pattern, especially with price rebounding in a V-shape since tagging $210 a share.
- Now, price is testing the $240 level, which is a resistance pivot. Then $250 is also a key resistance pivot. I think if the market is still in consolidation mode, BIDU will find resistance at $240 or $250. 
- So, if price pushes above $250, we should anticipate another run up towards $275. 
- Also, the RSI would likely hold under 60 if the market is still in a bearish correction mode. 

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