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. Both the Awesome Oscillator and the Stochastic Oscillator show bullish divergence. A breakout above 136.50 will confirm the formation of a new bullish wave structure.

Trading idea:

Buy on a breakout above 136.50.

Stop Loss – 130.98.

Target levels – 145.00; 155.45.