**NEW** Browse 302 Stock Term Definitions!! (View All)
A - B - C - D - E - F - G - H - I - J - K - L - M - N - O - P - Q - R - S - T - U - V - W - X - Y - Z

Baidu Gaps Above The Channel

Posted by Blain Reinkensmeyer
January 3, 2007 at 10:56 am

If you recall my post from last week on the Baidu (BIDU) bear flag, I was against picking up BIDU unless the downward channel was broken. Well, today the stock gapped above our $115 resistance, and traded as low as $115 exactly before taking off. The stock is now trading above $120 and is up some 7.5%. If you bought into the break, a $116 buypoint would have been effective here. If you haven’t taken a position yet, apply $115 as support, and buy as close to it as possible. I am unsure what the market will end up with today, but from this chart around $118 would probably be a pretty good price if you could get it this week.