JC Parets is a weekly guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick. Tune in to the daily broadcast live Monday-Friday at 8 a.m. ET here.
Eagle Bay Capital Founder JC Parets gave his take on Baidu Inc (ADR) BIDU Thursday.
Parets noted that the stock was "trading below and upward sloping 200-day moving average, which you don't see very often." There was also a "clean downtrend" from the fourth quarter which he would like to see move towards the upside.
"Based on the way momentum looks, I'd like to look at a 14-day Relative Strength Index...I love how during this correction over the last 3 or 4 months it never got into oversold conditions," Parets said.
Parets concluded that the stock was "tough not to like" with upside potential and was hoping to see a breakout from the early March highs.
Baidu Inc (ADR) recently traded at $214.96, up 1.90 percent.
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