Wednesday, September 28, 2005
Here is an updated daily chart of Baidu.com
Ever since Goldman Sachs started coverage of BIDU on September 13 the stock has acted much worse than Google and much worse than the averages. This is an indication that the post IPO high at 153 is probably the bull market high for BIDU, contrary to what I had thought previously.
Even so, BIDU has dropped only a bit past the bottom of its trading box at71 and onl;y a little more past the support level at 1/2 the all time high of 153. I think BIDU will rally from here at least to 108 and quite possibly higher than that.