Trade Idea for Baidu Inc. (NASDAQ)

Baidu Inc. (NASDAQ)

#BIDU

    The trend is bullish. The stock is trading within the range of the 365 and 135 EMAs. The truncated bearish wave structure has completed with a breakout of the descending channel. The Awesome Oscillator shows bullish divergence, while the Stochastic Oscillator signals oversold conditions. A breakout above 133.82 will confirm the formation of a new bullish wave structure.

Trading idea:

Buy on a breakout above 133.82.

Stop Loss – 130.50.

Target levels – 139.70; 155.45.