novvoll12
Long

BIDU $217.22: Potential double bottom within a 4-1/2 month falli

NASDAQ:BIDU   BAIDU INC - AMERICAN DEPOSITARY SHARES, EACH REPRESENTING ONE TENTH CLASS A ORDINARY SHARE
85 0 0
BIDU             rallied off the 202.20 low (March18, 2015, above the 199.70 spike low (February 13, 2015)) back above the 200 day moving average (currently at 209.24) to test the 217.85 5-week range high (March 6, 2015). Bullish MACD suggests further upside remains favored. Clearing the latter would confirm a double bottom at 202.20 (as shown on the daily chart ) and trigger further gains towards the 221.52 area (January 30, 2015 range high) near the 4-1/2 month falling channel resistance. Above would bolster for 233.50 ( double bottom target 202.20-217.85 from 218.75) near 234.67 lower high (January 26, 2015). Immediate support levels are 211.50 (March 23, 2015 reversal low) and then the 200 day moving average.
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