G'day folks and welcome to another trading day with your friendly, neighbourhood CMC Market Analyst!
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Trading Idea of the Day
NASDAQ:BIDU - Baidu Inc - (BULLISH - long term & BULLISH - short term)
- Key levels on the chart - consider taking trades from key support/resistance zones.
- Price is significantly undervalued and at a key support, a level not seen since the beginning of COVID.
- There are some notable similarities between Baidu and Alphabet (Google's parent). Both started their operations as search engines but have since exponentially grown and expanded their revenue streams, expanding into mapping, AI and cloud services which present major opportunities for growth.
- As China emerges from its economic slowdowns, we could potentially start to see a pivot in the share price as some investors could be taking early bets on the success of Baidu’s driverless Robo-taxi service, Apollo GO, which plans to operate in 65 Chinese cities by 2025.
ASX & Economic Key Events
OPTO For Investors Research
Article of the Day: Microsoft, Activision Blizzard shares react to FTC merger threat
Podcast of the Day: The Lead-Lag Report’s Michael Gayed on this year’s treasury anomaly
APAC Daily Report
Market Snapshot & Highlights as of 8:00am AEDT
Global Markets Headlines
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)