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

By Nick Russo

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. Yesterday's price range of $173.80 and $176.06 is within the prior day'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.

Baidu share prices have moved between a 52-week high of $217.97 and a 52-week low of $100.00 and closed yesterday at 75% above that low price at $174.62 per share. The 200-day and 50-day moving averages have moved 0.24% lower and 0.53% higher over the past week, respectively.

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

There is potential upside of 18.7% for shares of Baidu based on a current price of $174.62 and an average consensus analyst price target of $207.30. Baidu shares should encounter resistance at the 50-day moving average (MA) of $184.15 and support at its 200-day MA of $173.60.

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 am inside day candle Baidu

Ticker(s): BIDU