What to Expect With BIDU Stock in Sep 2023

Baidu stock price has been struggling to break above key moving averages and has been stuck below it. Currently, Baidu shares need more buyers to support the upward movement toward recovery. However, the trading volume is low, which indicates a lack of interest and momentum. At the same time, Baidu shares have broken below the 20, 50, 100, and 200-day daily moving averages, which is a bearish signal.

Baidu stock price lost 4.41% last week; it rose by 4.98% in the month. Moreover, BIDU shares witnessed a decline of about 7.19% in the past six months and a rise of 7.26% over the past year.

Also, the BIDU share price has dropped by around 11.49% year to date. Technical indicators highlight the downturn in the Baidu stock chart. The relative strength index and moving average both indicate the slippage in Baidu share price.

The price at present requires substantial support from the buyers in order to make a recovery as it is facing major resistance from the previous resistance points and multiple moving average levels. Buyers are dominating the price action according to the candlestick patterns.

A bullish recovery could be seen very soon. However, as it is trading below the key EMA levels, the buyers will have to face multiple resistance levels in order to attain the target. Buyers are presently making continuous efforts to retake charge of the trend.

On the daily charts, Baidu stock shows sellers’ dominance and slipped below neutrality, showing a negative outlook on the charts. Moreover, the price dropped below the 50% Fib level and near the lower Bollinger band.

Overall, the technical indicators and price action suggest that Baidu stock is bearish and that the downtrend may continue.

Technical Evaluation of Baidu Stock

At the time of publishing, Baidu stock (NASDAQ: BIDU) is trading below the 50 and 200-day SMAs (simple moving averages), which are supporting the price trend.

The current value of RSI is 40.18 points. The 14 SMA is above the median line at 70.05 points which indicates that the Baidu stock price is bearish.

The MACD line at -1.44 and the signal line at -0.7680 are above the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the BIDU stock price.

Short-Time Horizon Analysis

Baidu stock has shown sellers’ strength, profit booking in the stock was noted on the short-term charts. Moreover, the price is below the key EMAs, signaling further weakness.

The RSI curve is near the oversold region at 33, and a negative outlook was noted, indicating bearishness in the stock. The MACD indicator persisted to form red bars and a bearish crossover was noted, signaling corrective moves.

Summary

Baidu stock technical oscillators also support the bearish trend. The MACD, RSI, and EMAs are emphasizing negative signs and imply that the downtrend may continue in the BIDU stock price. Baidu price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.

Technical Levels

Support Levels: $125.86 and $108.89.
Resistance levels: $157.11 and $171.39.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.