BIDU dominated by bears dragging the market lower throughout the day


Baidu Inc. (BIDU) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team

Highlights

BIDU dominated by bears dragging the market lower throughout the day
BIDU breaks below 20-day moving average
BIDU runs into sellers again around 225.00
BIDU breaks below previous session low

Overview

BIDU finished the week 1.85% higher at 220.03 after losing $2.39 (-1.07%) today. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 221.11, the market confirms its breakout through the prior session's low having traded $2.41 below it intraday.

Daily Candlestick Chart (BIDU as at Sep 14, 2018):

Daily technical analysis candlestick chart for Baidu Inc. (BIDU) as at Sep 14, 2018

Friday's trading range was $6.30 (2.8%), that's above last trading month's daily average range of $5.46. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being below average.

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar. Despite a strong opening the stock closed below the previous day's open and close, forming a bearish Engulfing Candle.

After having been unable to move above 224.62 in the prior session, Baidu Inc. ran into sellers again around the same price level today, failing to move higher than 225.00.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. The share broke below the 20-day moving average at 221.37 today for the first time since September 5th.

As prices are trading close to September's high at 227.50, upside momentum might accelerate should BIDU mark new highs for the month.


Market Conditions for BIDU as at Sep 14, 2018

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