BIDU $205.84: Tests 9-week range low; bearish technical indicato
BIDU has been consolidating within the 9-week 202.20-220.75 range near the 55 day moving average. technical indicators suggest there is scope for further downside. A break below the 202.20 range support would confirm a lower high at 220.75 ( April 6, 2015) and extend the 5-month downtrend towards the 199.70 low (February 9, 2015) and then the 194.31 reaction low (October 13, 2014). Below rests the range target at 183.65 (220.75-202.20 measured from 202.20) and then the equality target at 168.46 (251.99-199.70 from 220.75). However, if bulls reclaim the 220.75 range resistance, that would negate the momentum and stabilize for 234.67 (January 19, 2015).
Short term: Neutral with a bias