$BIDU ready to bounce?

$BIDU ready to bounce?


June 2023


Alex Cole

$BIDU looks to have put in a base as prices moved higher last week.

Price failed in March to move higher and failed at levels that had proved too much in February as well.  This caused price to fall from the "double top" and entered a "NoGo" correction.  Now, price has set a higher low and is looking to consolidate its new higher high.  GoNoGo Oscillator has broken through the zero level from below on heavy volume and GoNoGo Trend is painting new aqua "Go" bars.  With momentum on the same side as the new "Go" trend we will look to see if $BIDU can move higher from here, taking advantage of the outperformance of the internet space within the outperforming communications sector.