CFD Trading Buy Baidu @ $119.00. Stop at $109.60 and Target at $135.40

Baidu Inc. Stock Code BIDU.NAS

Outlook
Price broke above the cloud on 4 June 2020 and reached a high of $135.44 on 9 July 2020. After reaching this high, a price correction bought price to a low of $114.75, which was also the Ichimoku cloud support zone, maintaining the bullish trend. For the past 4 days, price has been hovering just above the upper edge of the cloud support. Conversion line and Base line had a bearish crossover on 23 July. Lagging Span is below price of 26 days ago but is above the cloud at the moment. Both components are unable to confirm the bullish trend at the moment. MACD is bearish at the moment but we could be seeing a bullish crossover if can move higher. If price stays above the cloud, we are expecting a price push to test the previous high at $135.44 again.

Strategy                  
$119.00              Buy
$135.40              Price Target
$109.60              Risk Management Stop
3 weeks              Trade Duration

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.