$BIDU
Added 2024-07-12 11:35:12 +0000 UTCWhat a difference a week makes.
From testing the lower wedge support line above the final 0.887 Fib at $84 to $104, breaking back above the 50 Day MA and about to test the top trend line again, where the 200 Day MA is waiting.
Like I said on the HSI chart, we have a high now but no higher low just yet, this may come before the test of the yellow trend line, so a pull back to the blue line at $94 cannot be ruled out, however a hold at this level and we have our buy signal to add.
Big week ahead for China and it is thought that another round of stimulus measures will be announced.....but also, China will likely use this opportunity to solidify their market and put their best foot forward and show the world how powerful they are and economically strong, the market may like this sentiment.
Big picture stuff, we want $BIDU to break out of this wedge and get above its 200 Day MA and stay above it, it has not been able to do this since early 2023, so successfully doing this is a significant trend change.
$BIDU I believe has no issue getting back up to its blue line at $160 over the next 12 months.
