BIDU 198.72 neutral – Could be range-bound under 202.99 near term
BIDU rallied to 202.99 (November 12, 2015 weekly high) before consolidating. The immediate support lies at 189.55 (November 12, 2015 weekly low). An upside break through 202.99 would signal return of strength and open 214.22 (June 22, 2015 weekly high) next. However, a deeper than expected retreat below 189.55 would prolong the consolidation towards the 165.83 area (October 26, 2015 weekly low).
Outlook:
Daily: neutral
Weekly: bullish
BIDU rallied to 202.99 (November 12, 2015 weekly high) before consolidating. The immediate support lies at 189.55 (November 12, 2015 weekly low). An upside break through 202.99 would signal return of strength and open 214.22 (June 22, 2015 weekly high) next. However, a deeper than expected retreat below 189.55 would prolong the consolidation towards the 165.83 area (October 26, 2015 weekly low).
Outlook:
Daily: neutral
Weekly: bullish
