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Possible Bullish Inside Day Candle Pattern Detected for Baidu (NASDAQ:BIDU)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Baidu (NASDAQ:BIDU) based on the price action in the company's shares. Today's price range of $173.80 and $176.00 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Baidu may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 18.2% for shares of Baidu based on a current price of $175.30 and an average consensus analyst price target of $207.30. The stock should hit resistance at its 50-day moving average (MA) of $184.15, as well as support at its 200-day MA of $173.60.

In the past 52 weeks, shares of Baidu have traded between a low of $100.00 and a high of $217.97 and are now at $175.30, which is 75% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has slid 0.2%.

Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, pay for performance and news, MP3, and image searches.

SmarTrend is monitoring the recent change of momentum in Baidu. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Baidu in search of a potential trend change.

Keywords: bullish inside day candle Baidu

Ticker(s): BIDU