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BIDU Forms Bullish "Continuation Wedge" Chart Pattern

|Includes:Baidu, Inc. (BIDU)

Technical Event

 

Baidu ADR Reptg 1/10 Ord Shs Class A forms bullish "Continuation Wedge" chart pattern

07/05/2012

Recognia has detected a "Continuation Wedge (Bullish)" chart pattern formed on Baidu ADR Reptg 1/10 Ord Shs Class A (BIDU on NASDAQ). This bullish signal indicates that the price may rise from the close of 117.21 to the range of 155.00 - 164.00. The pattern formed over 58 days which is roughly the period of time in which the target price range may be achieved.

Baidu ADR Reptg 1/10 Ord Shs Class A has a current support price of 114.95 and a resistance level of 121.59.

A Continuation Wedge (Bullish) is considered a bullish signal, indicating that the current uptrend may continue. Prices edge steadily lower in a converging pattern i.e. there are lower highs and lower lows. The technical event occurs when prices break above the upper trendline, thereby confirming the pattern.

This bullish pattern can be seen on the following chart and was detected by Recognia's proprietary pattern recognition technology.

Recognia Alert Wire content is generated at market close by Recognia Inc.

Stocks: BIDU