Baidu (BIDU) has had a pretty bad week so far after failing to break out last week. Sellers have consistently come in above $180 preventing the stock to move higher.
Baidu is now approaching $170 – $165 where it has found support in the past. This level needs to hold to show that there is enough upside momentum left to move to new highs. In the short term, I am looking for an entry opportunity in that support zone for a bounce to the known initial target of $180 and a stop below $165 for a Reward / Risk of 3:1. My StockTradeCalc tells me I need an entry around $167.
BIDU Daily Chart
