Tuesday, August 09, 2005
Fun With Baidu.com
The markets are dead dull as they await the Fed announcement at 2:15 pm ET today.
In the meantime I thought I would have some fun by taking another look at the price boxes for Baidu. com. I have previously commented on BIDU here and here.
I've posted a 15 minute bar chart of BIDU above together with the 27 point boxes which start from its IPO price of 27.
In my first post on BIDU I guessed that it would find support at 108, the bottom of the box that it closed in Friday. That level was broken this morning and is now temporary resistance. BIDU will now drop to the 1/2 point of its current box near 94 and then stage a big rally.