BIDU ends the day indecisive
Baidu Inc. (BIDU) Technical Analysis Report for May 17, 2018
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.
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.
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 284.22 where further buy stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.