If you recall my post from last week on the Baidu (BIDU) bear flag, I was against picking up BIDU unless the downward channel was broken. Well, today the stock gapped above our $115 resistance, and traded as low as $115 exactly before taking off. The stock is now trading above $120 and is up some 7.5%. If you bought into the break, a $116 buypoint would have been effective here. If you haven’t taken a position yet, apply $115 as support, and buy as close to it as possible. I am unsure what the market will end up with today, but from this chart around $118 would probably be a pretty good price if you could get it this week.
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