BIDU ends the day indecisive


Baidu Inc. (BIDU) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
BIDU closes below its opening price unable to hold early session gains
BIDU finds buyers at key support level
BIDU runs into sellers again around 283.94
BIDU closes within previous day's range after lackluster session
BIDU ends the day indecisive
TQ Sentiment
Report Sentiment: 37% Bearish
Technical Forecast:
Overview

BIDU finished Thursday at 279.68 losing $4.39 (-1.55%). Trading $3.68 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for BIDU
Volatility

Thursday's trading range was $5.34 (1.91%), that's below last trading month's daily average range of $7.74. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way above average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving higher in the previous session, Baidu Inc. closed lower but above the prior day's open today, forming a bearish Harami Candle.

Support/Resistance

After trading as low as 278.60 during the day, the stock bounced off the key support level at 278.76. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move above 284.22 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 283.94.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying could speed up should prices move above the close-by swing high at 284.22 where further buy stops might get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Baidu Inc.
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Black Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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