November 20 Chart of the Day - Baidu
Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews
With most eyes on NVDIA (NVDA) for earnings after market close today many traders and investors may not be aware that Chinese tech firm Baidu (BIDU) is also scheduled to release earnings today as well.
With price well off its all time highs (ATH) we wanted to review their chart from a price action technical analysis perspective.
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Monthly Chart
On the monthly chart we can see that since setting its $354.82 all time high (ATH) back in 2021 price fell in dramatic fashion melting through many potential support levels all the way back under $80.
Since then, price shot back up to the $160 area before being firmly rejected back down to the $80 area again.
The bulls have yet to step in with any lasting conviction.
Weekly Chart
On the weekly chart we can see with much more clarity the rapid descent, rapid ascent, and subsequent fall /aka/ price volatility.
Trading around $86.20 today price has been attempting to set a higher low but unsuccessful so far.
Price is approaching a multi year support zone seemingly with a potential decision to make. Could this be level that price turns back to the upside or will it continue falling?
Earnings results could be the catalyst to expedite that decision.
Only time will tell for sure what price will do next...
We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.
Armed with precision oriented charts like these both traders and investors can formulate their respective plans.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
