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Tech

Baidu Inc. (BIDU) : Breaks Kumo Support

Baidu has a very good setup for the short with its Friday close.

On the Daily Chart, we have confirmation that the Tenkan sen has crossed the Kijun sen and the price closes below the kumo support.

Granted, Friday market is very low on volume due to the July 4 holiday.

The other thing to note is the long tail on Thursday’s candle which may suggest a reversal.

If it bounces and fail to clear $72, it will be a good time to short from there.