BAIDU INC. ADS - Baidu, Inc. - 11/07/2023 (GMT)
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BAIDU INC. ADS Chart
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Shares of Baidu, Inc. (symbol ‘BIDU’) managed to rise by around 4% in the third fiscal quarter of the year. The company’s earnings report for the fiscal quarter ending September 2023 is expected to be released on Thursday 21st of November, before market open. The consensus EPS is $1.71 against $1.80 of the same quarter last year.
‘ The company has a rather strong balance sheet with assets outweighing liabilities at a ratio of 2.5 : 1. The net income of the company rose by 32.23% year over year while the long term debt declined by almost $1 billion . This means that the company is financing its operations from actual revenue generated rather than relying heavily on debt. In addition the current ratio is at an outstanding 284% indicating that the company can easily overcome any short term economic setback with the assets currently in hand. All these aspects contribute to making the shares of the Chinese tech giant an attractive addition to any investors portfolio. ‘ said Antreas Themistokleous, trading specialist at Exness.
From the technical analysis perspective the price has been retesting the support level of the 61.8% of the weekly Fibonacci retracement level for the last 2 weeks without any successful attempt to make a valid break below. This indicates that the level of $105 which is a psychological support of the round number is still strong and could have an effect on initiating a correction to the upside in the near short term outlook. If the correction happens then the first area of possible resistance might be found around the $115 which is an area that consists of the 20 day moving average as well as the 50% of the weekly Fibonacci retracement level.
On the other hand however the 50 day moving average is trading below the 100 day moving average indicating that the overall bearish momentum is still valid and with the Stochastic oscillator in the neutral levels, not indicating overbought or oversold, it is not unlikely to see the bearish trend continuing in the coming sessions.
‘ The company has a rather strong balance sheet with assets outweighing liabilities at a ratio of 2.5 : 1. The net income of the company rose by 32.23% year over year while the long term debt declined by almost $1 billion . This means that the company is financing its operations from actual revenue generated rather than relying heavily on debt. In addition the current ratio is at an outstanding 284% indicating that the company can easily overcome any short term economic setback with the assets currently in hand. All these aspects contribute to making the shares of the Chinese tech giant an attractive addition to any investors portfolio. ‘ said Antreas Themistokleous, trading specialist at Exness.
From the technical analysis perspective the price has been retesting the support level of the 61.8% of the weekly Fibonacci retracement level for the last 2 weeks without any successful attempt to make a valid break below. This indicates that the level of $105 which is a psychological support of the round number is still strong and could have an effect on initiating a correction to the upside in the near short term outlook. If the correction happens then the first area of possible resistance might be found around the $115 which is an area that consists of the 20 day moving average as well as the 50% of the weekly Fibonacci retracement level.
On the other hand however the 50 day moving average is trading below the 100 day moving average indicating that the overall bearish momentum is still valid and with the Stochastic oscillator in the neutral levels, not indicating overbought or oversold, it is not unlikely to see the bearish trend continuing in the coming sessions.
This member declared not having a position on this financial instrument or a related financial instrument.
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