Baidu tries to gather momentum - Analysis - 25-06-2020

Baidu's stock tumbled 1.59% in the last session while seeking a bottom to bounce it higher anew, with negative signals from the RSI and amid the dominance of the upward short-term trend, with support from the 50-day SMA. 

Therefore we expect the stock to return higher, provided it holds above 121.82, representing the ratio 61.8% of Fibonacci retracement levels for a descending wave in the medium term, targeting thereafter the resistance of 131.52, representing the ratio 76.4%. 

Expected trend for today: Bullish