1. The forecast March 31 (+/- 1 week) weekly bottom in Baidu (noted in the previous update) occurred one week late, on the week of April 7.
2. Baidu advanced off the April 7 weekly bottom and completed the forecast $165.20 upside target, noted in the previous update as due the week of April 14 (+/-1 week). The recent swing high was $167.36.
3. Today’s (Friday, April 25) daily close in Baidu below $164.40 is the earliest indication for a tradable multi-day decline and test/attempt at $156.75 (or lower) into next week. Will message any new short entry based upon the above if the market confirms early next week.
Baidu (stock) BIDU
1. The next important weekly bottom for Baidu is this week, the week of March 31 (+/-1 week). It is likely the bottom occurred last week, the week of March 24. A tradable multiweek advance is expected off this bottom.
2. Shorter-term, the next important daily top in Baidu is today, Thursday, April 3 (+/-1 day). It is likely this top occurred one trading day early yesterday, on Wed., April 2.
3. We look to buy Baidu after further pullback off the daily top noted above. Further advance and test/attempt at $165.20 (or higher) is expected into the week of April 14 (+/-1 week). Will update as the market continues to confirm.
1. Today (Monday, April 28) Baidu completed the forecast decline from $164.40 to $156.75 noted in Friday’s (April 25) update (today’s session low, $152.82, so far).
2. From this point forward, continued daily closes below $160 in Baidu indicates further decline and test/attempt at $149.50 (or lower) into the week of May 12. Will update as the market confirms.