Monday, September 12, 2005
Here is an updated hourly chart of Baidu.com. I am sticking with my long term target of 270 for BIDU. Together with Google it is leading the market averages higher and this is a sign of technical strength. As you can see BIDU is approaching the top of its current box at 112 but I think the market will react at worst to the 1/2 point at 92 from there. Frankly, I doubt any rection will go below 98.
In any case the subsequent short term upside target will be 132, the 1/2 point of the next box. From there we will probably see a more substantial reaction.