Baidu Is Approaching its 50 Day Moving Average
Published on Wednesday, 26 December 2012 08:32 Written by TradersHuddle Wire
New York, December 26th (TradersHuddle.com) - Baidu, Inc. (NASDAQ:BIDU) ended the trading session at $96.77, near its 50 day moving average set at $101.14. Baidu's price action placed the stock below this important level, which makes it difficult to be bought, as the stock will certainly face resistance as it approaches its 50 day moving average.
Baidu, Inc. (NASDAQ:BIDU) provides Chinese language Internet search services primarily in China and Japan. The Company offers algorithmic search, enterprise search, pay for performance and news, MP3, and image searches.
The latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $85.96 and resistance at $101.80. These levels will be closely monitored, as they provide great insight into the latest price dynamics.
If traders want to establish a position in Baidu, given the resistance expected as the stock approaches its 50 day moving average, a trade might materialize as the stock manages to break this important technical level. After the breakout, the 50 day moving average could be used as support going forward. However, until the break materializes, buying the stock is basically a gamble with 50-50 chance.
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