Baidu

One of the favorite shorts by lots of traders may finally be showing signs of selling exhaustion, having retraced almost 50% of its peak value. Its sitting right above its 200WMA, which is usually hard to break down without further negative news flow. It seems to be forming a bullish falling wedge, & anything around 80 upwards should see some buy supports as its weekly RSI is back to Oct 2008 lows. I’ve got a feeling it’ll consolidate around this range for awhile before attempting to trend back up.

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