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Baidu: Deep Pullback to Key Support and a Golden Cross

NASDAQ:BIDU   BAIDU INC
Chinese stocks have been surging this year as investors embrace the country’s flourishing digital economy. However, one of its most established names hasn’t broken out yet: Baidu – “the Google of China.”

BIDU entered the current environment in a weak place after years of revamping its search and advertising business. However it’s reported strong results in the last four quarters. It also surged in June on a report that Tencent may increase its stake in Iqiyi , which is majority owned by BIDU .

BIDU has pulled back and digested a lot of its gains in the last two weeks. It’s returned to the $118-120 area where it’s consolidated and pivoted several times in the last year.

The stock also just had a “Golden Cross,” with the 50-day simple moving average ( SMA ) rising up and through the 200-day SMA . This can reflect a long-term change in momentum – potentially interesting in a stock that’s lost more than half its value since July 2018.

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