Baidu spike triggers bullish pattern
Bryan McCormick | [email protected]
On the daily chart below I have outlined a bullish "cup and handle" formation in dark blue that became active when BIDU rose above $140. The breakout level is shown with an orange horizontal line.
The upside potential for the pattern, if it remains active and completes, is to the $160 area. Beyond that price, there is a potential secondary level at the $180 area, which is literally off the chart.
Shares of the Chinese Internet giant are trading at $144.58 this afternoon, up 4.47 percent on the day.
(Chart data provided by Thomson Reuters)