I talked about SBUX and BIDU before with bearish view and they did faltered quite a bit even before the market crash. I happened to take a look at both charts today and thought to share with you what I'm thinking about their near term trend.
Of course, right now the market is more controlled by extreme emotions than anything else. As such, technicals are not always as reliable as used to be at usual time. Some little black swan can easily turn things around either way. Then, next week FED’s move is a big unknown and it can cause huge swings either way. So take my technicals with a grain of salt.
Unless FED is totally a negative for the market, in the near future the market may be quite bullish for a couple of weeks before getting another crash to test its Aug low below 1900. In this context, SBUX is shown technical strength and there is a good chance it may first challenge $58 and then $59. If my technical is correct, it may likely not go beyond $59, but will come down again with the overall market.
Regarding BIDU, it may likely fluctuate around current level $144. But pay attention to $152 as it is showing some technical strength as well now. If it can definitely break out above this level, then it will easily go up to $160 and then to around $170 if the overall market is supportive. But again, chances are it may not likely go too much before $170 in the near term.
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