Falling wedge pattern formed with strong fundamentals for BIDU
With an earnings and revenue beat, Baidu is poised for a bearish upward trend once headwinds from delisting and clampdown from the Chinese government are decoupled from the company. Technical analysis shows Baidu trading are key Fibonacci levels and forming a falling wedge pattern.
Price Target:
Near term: 212.08, with a 60% confidence
Mid-term: 260.87, with a 50% confidence
Risks:
Price Target:
Near term: 212.08, with a 60% confidence
Mid-term: 260.87, with a 50% confidence
Risks:
- Bear flag wrongly recognized as a bearish falling wedge (somewhat likely)
- Government clampdown (unknown)
- Delisting (least likely)
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