Don't Ignore This Chart!

BIDU Bids Bon Voyage to its Base


Since the improvement in trade discussions, some of the Chinese internet names have taken on a new look. (JD), Alibaba (BABA) and Baidu (BIDU) are all sporting improved charts. In addition, the Shanghai market broke out to 6-month highs last week. While everything has that new feeling regarding US-China trade tensions, the investors are picking up these names.

BIDU has a few nice features showing up on the chart. The SCTR has moved above 75, making it apparently one of the fastest-moving stocks in the mid-cap group. The downtrend in relative strength (shown in purple) has stabilized and is now at 6 month highs.

Price has broken the long downtrend as well as the 6-month horizontal base. To cap it off, momentum is moving up above zero for the first time since mid-2018.

These names look great heading into 2020.

Good trading,
Greg Schnell, CMT, MFTA
Senior Technical Analyst,
Author, Stock Charts For Dummies

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Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the Market Technicians Association (MTA) and the International Federation of Technical Analysts (IFTA).

Greg is also the co-author of Stock Charts for Dummies (Wiley, 2018). Greg joined in 2012 and has be instrumental in helping launch a variety of new blogs and other commentary platforms. Presently, Greg contributes market analysis commentary to The Canadian Technician, Commodities Countdown and Don't Ignore This Chart blogs. Learn More
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