Market Blog Technical Analysis

BIDU is heading higher to test a firm resistance at 194: Antonio

I have Baidu Inc (NASDAQ:BIDU) on my watchlist for next week. The stock rose $1.81 or 0.97%, on Friday, finishing the session at the highest close since May. This move puts it in high probability of a breakout above key resistance in the 193.74 area. Daily technical indicators are looking bullish.

The daily MACD is above its signal line in positive zone, while RSI has just crossed above its 70% level to enter in the overbought zone. All these signs indicate that bulls are in complete control of the chart. As long as the stock stays above $188 on a closing basis, the trend is your friend.

This is a guest post by  António Costa, acclaimed trader and the popular author of AC Investor Blog.  All views and analysis belong to the author.

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António Costa
I'm a 43 year old Independent Trader using proprietary technical analysis with more than 18 years experience of investing in the US stock markets. I write guest posts for Stockal to share my thoughts about capital, risk management, and trading. My posts contains only my personal opinion and are provided for informational purposes only.

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