BAIDU Long PositionHi traders,
Taking a closer look at Baidu, Inc. (BIDU), we can observe the formation of a falling wedge pattern over the past few weeks, indicating a potential bullish reversal.
Baidu, often referred to as the Google of China, is a leading internet services and artificial intelligence company. Despite recent market challenges, Baidu's robust technology and strategic initiatives in AI and autonomous driving continue to strengthen its position in the industry.
The falling wedge pattern is characterized by converging trendlines, where both the highs and the lows are declining, but the highs are falling faster than the lows, forming a wedge shape that slopes downwards. This pattern often signals a potential reversal from a downtrend to an uptrend.
As BIDU approaches the apex of the falling wedge, a breakout above the upper trendline could confirm the bullish reversal. Entering a long position upon confirmation of the breakout appears favourable.
1st Take Profit: 119.58
2nd Take Profit: 136.57
Final Target: 159.69
