Tuesday, October 09, 2007

Google and Baidu

Here is a weekly chart of Google and a daily chart of Baidu.com. I last commented on Google here and on Baidu here.

GOOG and BIDU are leading the market higher. You can see that Google has reached the top of its second box near the 618 level and normal action here would be a least a brief drop to 575 or so. I am revising my upside target at bit to the confluence of two Fibonacci targets in the 705-708 range. The 705 level is 610 points above the low trade price of 95 for GOOG the day after its IPO in 2004. The 708 level is 377 points above the 331 low established in March of 2006.

BIDU blew right past the top of its second box and will probably continue up at least to the top of its third box at 373 and eventually higher than that.

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