BIDU stock is caged inside a horizontal range-bound area and is preparing to break out from the $150 mark. However, sellers are continuously trying to pull Baidu shares from the upper threshold of the consolidation phase over the daily time frame chart. Buyers need to accumulate at a higher rate in order to push Baidu share price out of the consolidation phase.
Baidu stock price must attract more buyers during Wednesday’s trading session in order to register its breakout from the consolidation phase. Meanwhile, BIDU shares tried to register its breakout but failed to sustain near the upper threshold of the consolidation phase. Baidu stock price has been consolidating inside the price range of $123.07 and $151.40.
Baidu stock price was at $142.60 and has lost 2.64% of its market capitalization during Tuesday’s trading session. Trading volume was below average and needs to grow during Wednesday’s trading session. This demonstrates that the accumulation rate of buyers needs to be increased during Wednesday’s trading session.
Is BIDU Stock Ready For Breakout?
BIDU stock price has been sideways below the $151 mark and now is the time for Baidu shares to approach the upper threshold. However, volume change can be seen below average and needs to grow during the day’s trading session. Meanwhile, Baidu stock price is trading above 20, 50, 100 and 200-days daily moving averages.
BIDU stock price has gained 2.46% in a week but declined around 4.83% in a month. Nevertheless, Baidu shares increased around 5.16% in the last three months and 2.08% in the last six months. In addition, Baidu share price surged around 19.97% year to date. This confirms the facts regarding Baidu stock’s maximum recovery in 2023.
Technical indicators show divergence for BIDU stock. Relative strength index showcases the downside trend of BIDU shares. However, moving average convergence divergence confirms the upward momentum of Baidu share price.
RSI was at 54 and is heading towards neutrality. The MACD line above the signal line after a positive crossover. Investors in Baidu Inc (NASDAQ: BIDU) stock need to wait until Baidu share price sustains at the upper threshold of the consolidation phase.
Summary
The price of BIDU stock has been caged inside a horizontal range-bound area and is preparing for its breakout from the $150 mark. BIDU share price has been consolidating inside the price range of $123.07 and $151.40. However, volume change can be seen below average and needs to grow during the day’s trading session. Technical indicators show divergence in Baidu shares. Investors in Baidu Inc. (NASDAQ: BIDU) stock need to wait until BIDU share price sustains at the upper threshold of the consolidation phase.
Technical Levels
Support Levels: $140.00 and $135.00
Resistance Levels: $148.93 and $151.40