BIDU has been setting up an inverse head & shoulders on the monthly chart for the past 18 months.
If this can clear 157-160 resistance area, the IHS will fire and this will trigger a long into 186.22, 218.41, 250.60.
Then there is a prior large sell block at 273 which must be taken out for a run to 350+.
This setup is ONLY valid on a break of 157-160 area. Please note that currently there is a downtrend line that it has NOT YET broken.
Personally I will set an alert at the 157 area and wait.
If this can clear 157-160 resistance area, the IHS will fire and this will trigger a long into 186.22, 218.41, 250.60.
Then there is a prior large sell block at 273 which must be taken out for a run to 350+.
This setup is ONLY valid on a break of 157-160 area. Please note that currently there is a downtrend line that it has NOT YET broken.
Personally I will set an alert at the 157 area and wait.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.