Baidu may fall to 80.60 - 82.40

Our pivot point is at 91.5.

Our preference

The downside prevails as long as 91.5 is resistance.

Alternative scenario

Above 91.5, look for 94.6 and 96.4.

Comment

The RSI is below 30. It could either mean that the stock is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the share stands below its 20 and 50 day moving average (respectively at 93.5558 and 100.2483).

Supports and resistances

96.4 **

94.6 *

91.5 **

90.3

88.22 (USD-last)

84.2

82.4 **

80.6 *

78.8 **

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