$BIDU - Long - Inverse Head/ Shoulder
ABOUT 
BIDU
Baidu is a Chinese multinational technology company specializing in internet-related services and artificial intelligence. It was founded in January 2000 by Robin Li and Eric Xu and is headquartered in Beijing, China.
Baidu is often referred to as "China's Google" because, like Google, it started as a search engine. However, it has since expanded its offerings and provides a wide range of products and services, including:
Baidu Search:Its core service, a web search engine used by millions of Chinese internet users.
Baidu Baike: An online encyclopedia similar to Wikipedia, where users can create and edit articles on various topics.
Baidu Maps: A mapping service that offers location-based services, navigation, and real-time traffic information.
Baidu Cloud: Provides cloud computing and storage solutions for individuals and businesses.
Baidu Tieba: A social media platform where users can create forums and engage in discussions on various topics.
Baidu Translate: A language translation service similar to Google Translate.
Baidu Wallet: A mobile payment service for online and offline transactions.
In recent years, Baidu has been heavily investing in artificial intelligence (AI) research and development. It has worked on projects related to autonomous vehicles, natural language processing, computer vision, and voice recognition, among others.
WHYBIDU?
Out of all the stocks that surfaced on my screener, Baidu (BIDU) has captured my interest due to the presence of an inverse head and shoulder pattern. The stock meets several criteria on the screener, including trading on above-average volume, trending above the moving average (MA), and exhibiting a high Average True Range (ATR).
EXECUTION PLAN
My plan is to enter a LONG position once the stock price crosses above the neckline of the inverse head and shoulder pattern. The target for this trade will be set at $335, which represents the 100% extension of the distance between the head and the neckline. Additionally, to manage risk and secure profits, I intend to scale out a portion of my position when the stock reaches approximately the 61.8% extension of the distance, specifically at $250.
BIDUBaidu is a Chinese multinational technology company specializing in internet-related services and artificial intelligence. It was founded in January 2000 by Robin Li and Eric Xu and is headquartered in Beijing, China.
Baidu is often referred to as "China's Google" because, like Google, it started as a search engine. However, it has since expanded its offerings and provides a wide range of products and services, including:
Baidu Search:Its core service, a web search engine used by millions of Chinese internet users.
Baidu Baike: An online encyclopedia similar to Wikipedia, where users can create and edit articles on various topics.
Baidu Maps: A mapping service that offers location-based services, navigation, and real-time traffic information.
Baidu Cloud: Provides cloud computing and storage solutions for individuals and businesses.
Baidu Tieba: A social media platform where users can create forums and engage in discussions on various topics.
Baidu Translate: A language translation service similar to Google Translate.
Baidu Wallet: A mobile payment service for online and offline transactions.
In recent years, Baidu has been heavily investing in artificial intelligence (AI) research and development. It has worked on projects related to autonomous vehicles, natural language processing, computer vision, and voice recognition, among others.
WHY
BIDU? Out of all the stocks that surfaced on my screener, Baidu (
BIDU) has captured my interest due to the presence of an inverse head and shoulder pattern. The stock meets several criteria on the screener, including trading on above-average volume, trending above the moving average (MA), and exhibiting a high Average True Range (ATR).EXECUTION PLAN
My plan is to enter a LONG position once the stock price crosses above the neckline of the inverse head and shoulder pattern. The target for this trade will be set at $335, which represents the 100% extension of the distance between the head and the neckline. Additionally, to manage risk and secure profits, I intend to scale out a portion of my position when the stock reaches approximately the 61.8% extension of the distance, specifically at $250.
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