BIDU stock price is making higher highs and higher lows after the major low in August around $135. Price has potential of reaching $200 from current levels at $170 as long as price does not break below $155. We are bullish BIDU stock on any pull back with a stop at $155, targeting $200 and next $224.
Red lines - Fibonacci extension targets
BIDU stock price is trading above the green support trend line. For our bullish scenario to come true, we need price to continue to respect the green upward sloping support trend line. Next obstacle is to break above the recent high of $182.32. Breaking above it will be a confirmation of our idea and it will be highly probable that $200 will be reached. Failure to stay above $155 will cancel our bullish view on this stock.
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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