Baidu - looking for a second leg upBaidu looks like we can hope for a second leg up. Good opportunity would be at 50% retracement of AB and earlier resistance from July. Stop below the 0.786 retracement and target at AB=CD.
BIDU/N trade ideas
Profit Taking Last week we recommended a trade with target price $97.5 if u did not take profit time may be close. The stock is under aggressive distribution and has been in a sustained downside reversal since August, and looks could see $85 before the end of this year, but has a chance to bounce back above its 30-day ema. One thing many may have not noticed is 200-week exponential moving average $90.45 which the stock did not break so far but threatened and touched.
