Baidu may fall to 80.10 - 82.20

Our pivot point is at 94.1.

Our preference

The downside prevails as long as 94.1 is resistance.

Alternative scenario

Above 94.1, look for 97.8 and 100.

Comment

The RSI is trading below 30. This could mean that either the stock is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the stock is trading under both its 20 and 50 day moving average (respectively at 96.0453 and 101.1199).

Supports and resistances

100 **

97.8 *

94.1 **

92.7

88.81 (USD-last)

84.3

82.2 **

80.1 *

78 **

Number of asterisks represents the strength of support and resistance levels.