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Baidu Inc Breaks Out, Heads For This Target



September 11, 2013 – Comments (0) | RELATED TICKERS: BIDU

Baidu Inc (NASDAQ:BIDU) has broken out today. The stock had resistance at a gap fill price of $145.00. That has now been taken out. The next major level of resistance on BIDU is $152.00. Should it be hit in the next two days, a good shorting opportunity would arise.

BIDU is a Chinese ADR. It has run from below $90 to its current level in less than three months. A truly amazing move as it appears the Chinese economy is recovering. When euphoria is at its max, the top will be in. Matched up with this great double top at $152.00, a great risk/reward short can be had. The pull first target would be at $145.00. 

Gareth Soloway

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