Hi all,
after enjoying a really strong rally from mid 2020, breaking through a couple wedges (marked on the chart), BIDU has been suffering some strong selling / profit taking over the past couple weeks.
On the daily chart, we see a long and steep Flag forming. Bearish MA crossover and current negative news cycle could depress price further in the coming days.
I'm looking to add to my position if this trades back down to the 200$ - 225$ range. Will be looking for a bullish divergence to the RSI as a trigger.
Any thoughts?
Good luck to all!
(*This is not financial advice, for sake of discussion and illustrative purposes only*)
after enjoying a really strong rally from mid 2020, breaking through a couple wedges (marked on the chart), BIDU has been suffering some strong selling / profit taking over the past couple weeks.
On the daily chart, we see a long and steep Flag forming. Bearish MA crossover and current negative news cycle could depress price further in the coming days.
I'm looking to add to my position if this trades back down to the 200$ - 225$ range. Will be looking for a bullish divergence to the RSI as a trigger.
Any thoughts?
Good luck to all!
(*This is not financial advice, for sake of discussion and illustrative purposes only*)
Comment:
I hope some of us managed to get in, anything below 200$ is a steal for BIDU.
Keep the delisting story in mind and only risk what you're willing to with this name, downside can be significant if delisting actually follows through.
I'll be buying with both hands at ~192$.