Approaching Resistance: Baidu
Published on Friday, 28 December 2012 07:24 Written by TradersHuddle Wire
New York, December 28th (TradersHuddle.com) - Shares of Baidu, Inc. (NASDAQ:BIDU) are trading very close to calculated resistance at $102.50. The stock ended the trading session at just $99.43, which is near levels that make it difficult to buy or start a position.
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.
Baidu's stock range is defined by its calculated support defined at $96.10 and by the resistance level at $102.50; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for Baidu. However, as the stock pulls back towards $96.10 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $102.50 then traders will get an opportunity to enter the stock as it moves to a higher range.
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