Baidu, Inc.Largo
Ichimoku Watch: Baidu Poised to Push North
Upcoming Earnings Release:
Baidu, Inc. ADS (ticker: BIDU) is scheduled to report earnings on 16 May before the market opens. The consensus EPS estimate for the fiscal quarter ending March 2024 is $1.90. The reported EPS for the same quarter a year prior was $1.81.
Bulls Starting to Show Ahead of Earnings
There is some interesting price action on the daily chart of Baidu ahead of the company’s earnings release this week.
It would appear buyers are beginning to show. Price action recently moved above the Ichimoku Cloud (the difference between Leading Span A and Leading Span B), reaching a high of $115.39 last week before moderately forming a correction. It can also be seen that price dropped back below the conversion line, but remains above the base line and is almost level with the Lagging Span.
The Leading Span A also recently crossed above the Leading Span B to form potential Cloud support around $106. And by and of itself, this crossover is a bullish trend signal. Overall, though, price action has not confirmed a trend change yet (we have not seen price action form a higher low and a subsequent higher high), though the Ichimoku Indicator has, as mentioned above, given us an early cue that the tide may be changing.
Adding to this, we can see that price recently broke above the upper level of a falling wedge pattern ($126.23 and $103.37). While there is generally no textbook definition for setting profit targets regarding this pattern, some traders opt to target the base value extended from the breakout location, which comes in at around $127.16.
Price Direction?
With everything taken into consideration, the area formed between the breached upper boundary of the falling wedge and the Ichimoku Cloud may offer support for buyers in the coming days to potentially form a higher low and push on to a higher high and confirm the uptrend.
Baidu, Inc. ADS (ticker: BIDU) is scheduled to report earnings on 16 May before the market opens. The consensus EPS estimate for the fiscal quarter ending March 2024 is $1.90. The reported EPS for the same quarter a year prior was $1.81.
Bulls Starting to Show Ahead of Earnings
There is some interesting price action on the daily chart of Baidu ahead of the company’s earnings release this week.
It would appear buyers are beginning to show. Price action recently moved above the Ichimoku Cloud (the difference between Leading Span A and Leading Span B), reaching a high of $115.39 last week before moderately forming a correction. It can also be seen that price dropped back below the conversion line, but remains above the base line and is almost level with the Lagging Span.
The Leading Span A also recently crossed above the Leading Span B to form potential Cloud support around $106. And by and of itself, this crossover is a bullish trend signal. Overall, though, price action has not confirmed a trend change yet (we have not seen price action form a higher low and a subsequent higher high), though the Ichimoku Indicator has, as mentioned above, given us an early cue that the tide may be changing.
Adding to this, we can see that price recently broke above the upper level of a falling wedge pattern ($126.23 and $103.37). While there is generally no textbook definition for setting profit targets regarding this pattern, some traders opt to target the base value extended from the breakout location, which comes in at around $127.16.
Price Direction?
With everything taken into consideration, the area formed between the breached upper boundary of the falling wedge and the Ichimoku Cloud may offer support for buyers in the coming days to potentially form a higher low and push on to a higher high and confirm the uptrend.
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.