Here’s your trade on Baidu (BIDU) (November 04, 2014)
I want to just quickly go over Baidu ( NASDAQ:BIDU ). There are so many stocks that are either down in the dumps and looking horrible, you don’t really want to buy them yet, or they’re so high that you don’t really want to buy those either.
Baidu ( NASDAQ:BIDU ) looks like one of these that you’re not getting the best entry I would say, other than of course being the one guy that bought down there. I would say if you had an opportunity, or if you did buy it down here, that would be reasonable entry and you’re sitting fat right now. But if you draw this resistance line, this just broke out the other day, pulled back a little bit and now it’s printing new highs.
This is, I believe, an all time high on this stock, so if you look at this weekly chart I think this is a stock that you can pretty much own right now. Some of these other Internet stocks aren’t doing so well; you look at Facebook ( NASDAQ:FB ) it looks like it’s probably putting in a base; but again Baidu ( NASDAQ:BIDU ), all time high. Google ( NASDAQ:GOOGL ), not my deal yet.
But when you look at Baidu ( NASDAQ:BIDU ) it’s got momentum on it’s side, there are buyers coming into this stock and I think you can be one of them. If it happens to pullback say $10.00 or so, I think that’s a really good entrance for you.
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