Friday, May 05, 2006
Here is a daily chart of Baidu.com. You can find my previous posts on BIDU here.
I had been very bullish on BIDU ever since its IPO at 27 last year. But the stock's performance was exactly contrary to my expectation. It still is performing worse than the market and worse than Google. Nonetheless, the rally from February's low of 44.44 still has further to go. The obvious target is the 1 5/8 multiple of the 44.44 low which stands near 72. The last big rally in BIDU carried it up 30 points and this would indicate a high of 74.
Any strength above the 74 level would have more bullish implications and would probably meant that BIDU is headed for the 2 1/8 multiple near 94.