Tuesday, September 13, 2005

Baidu Update

Here is an updated hourly chart for BIDU, Baidu.com.

The shorts have been severely punished the past week and I think there is a lot more blood-letting to come. BIDU is hesitating at the top of its current box. I don't think the market will drop any lower than 101 before it moves to the 1/2 point of the next box near 133.

1 comment:

Anonymous said...

I wonder, how did you come up with the number $270 as your 6-9 month target for Baidu? I remeber you said 10 times the IPO price ($27) but why 10 times... It seems too arbitrary, have you made any research into this?