Friday, September 09, 2005

Baidu Boxes

Here is an updated hourly chart of

As you can see the market held support at the bottom of the current box which was not far from the very strong support level at 76.50, half the all time high. BIDU is heading for the 1/2 point of its box near 93. I observe that Google and Baidu are leading the averages higher - both made their reactions lows a few days before the " Katrina " low in the averages and have rallied since then. This is a sign of technical strength and I am sticking with my wild-eyed 270 target for BIDU, a level which should be reached within the next 6-9 months.

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