Baidu finds temporary support

Buyers of Baidu (BIDU) are stepping in around $155 and I am dipping my toes for a very quick trade. I have an initial target of $160 and ultimately $165 where I expect sellers to come in again. I plan to enter around $156 with a stop below $153 for a Reward / Risk of 3:1.
Long term, it is important to hold above $150 or we risk triggering a double top pattern with a measured move down to $135.

About Stock Trade Journal

The information in this blog is not investment advice. Please consult a financial advisor before investing. I have been trading stock since the 1990's and survived the .com crash. I am developing software applications to help me trade better and now I am making them available to help other traders. This blog is also a way to share my experiences and observations in the market.
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One Response to Baidu finds temporary support

  1. Initial target of $160 was reached, but then stopped out on remaining position. Looking weak today. Looks like we may go down to $135

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