BIDU looking for bullish setup after fire sale last week!

Firstly of all, my pair trade setup of BABA/BIDU is really successful. you can check the linked idea below.

Secondly, the free fall of BIDU was triggered by fire sale from a hedge fund who was believed to be default late last week. ViacomCBS, Baidu and some other stocks have been impacted a lot by the liquidation.

Thirdly, look at the free fall angle. I don't think it's sustainable. After the massive sell, I'm looking for bullish setup of BIDU because the fundamental of the company has not changed.

Trigger part: 60 minutes with bullish patterns, e.g. bullish engulfing pattern

I would expect the trade will give us a quick 20%-30% return in the next few days.

تعليق:

I got two setups, one aggressive and another is conservative pullback buy long.

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Right. Momentum looks good. aggressive setup is active. Attached is a 1m chart, I can still identify a nice retest setup.

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Yesterday is not a bad day. The aggressive setup helped us to get a 2% return. With the gap-up today, I'm eyeing on yesterday's high as short-term trouble. Once penetrated, there should be some room to go up.

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Market opens and it looks Bidu is following the strong momentum in HK market where it listed a few days ago. It becomes an important indicator.

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Price moved between the range of 216 to 224. Looking for more buyers to come in.

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After consolidation, the upper range boundary has been conquered firmly...Now, the probability of further going up is likely.

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Alright. It's a fake breakout and price formed a beautiful bullish pattern. Let's see how it respond to previous high.