$BIDU - RC -
Added 2023-11-03 00:49:48 +0000 UTC$BIDU has taken a slump over the last 2 weeks after the US announced that $NVDA may have to cancel billions worth of orders to China and the market feels that $BIDU may be most affected by this.
That being said, the price has gone lower and this Wave 2 has extended longer than expected but the price is still just at the 0.618 Fib now which is the normal pull back area for Wave 2.
Earnings are not due until the 21st of November, so the price may still continue lower until then, the 0.78 Fib is at $92.71.
$BIDU has been consolidating within the blue line channel since July 2021.....I believe a stage will come where this starts moving higher, a positive earnings report could start this.
Comments
I agree Marco, I believe the tide will turn eventually for Chinese stocks as their revenue and growth continue to grow
Gareth Neary
2023-11-03 01:23:05 +0000 UTCThanks, very helpful. Hard for me to understand why a company with such strong fundamentals is not being rewarded by the market (core business prints cash; fortress balance sheet; AI leadership; lots of upside in Cloud and self-driving cars; significant stake in the Netflix of China as well as in EV JV with Geely). Clearly huge China macro discount applied here, but I can't imagine this can go much lower, and eventually, like BABA, should get valued more appropriately, especially if Biden and Xi start to act more constructively.
Marco
2023-11-03 01:20:56 +0000 UTC
