BIDU has retraced a good 61.8% of it's run since the covid crash (AB swing). This is also where we have a previous horizontal resistence zone turned support, around 180-186
There was an attempt to break below this zone (went as low at 174 but rebounded to 208) on the week of 22nd March. Last week, it made another attempt to break below before closing above the zone at 191.
Confluence of fib support, horizontal supports and bullish divergence between price and RSI is making this a compelling reason to stake.
It is probably going to be a slow turnaround and for a conservative entry, I will be staking only if it starts going above the previous week's candle high (> 191) with initial stop loss below 180.
Disclaimer: TA is about improving our odds of a successful trade, but there is no guarantee. This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Feel free to le me have your comments! :)
There was an attempt to break below this zone (went as low at 174 but rebounded to 208) on the week of 22nd March. Last week, it made another attempt to break below before closing above the zone at 191.
Confluence of fib support, horizontal supports and bullish divergence between price and RSI is making this a compelling reason to stake.
It is probably going to be a slow turnaround and for a conservative entry, I will be staking only if it starts going above the previous week's candle high (> 191) with initial stop loss below 180.
Disclaimer: TA is about improving our odds of a successful trade, but there is no guarantee. This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Feel free to le me have your comments! :)