AI
Wednesday, May 08, 2019 12:27:18 PM
This Leading Chinese ADR Could Not Catch A Bid When There Was A Likely Trade Deal, Here's The Play
Baidu Inc (NASDAQ:BIDU) is viewed by many as the Google of China, it is the leading internet search engine in the country. The stock has been stuck in a sideways trading range since it bottomed in December 2019 at $153.78 a share. Traders should note that in May 2018 the stock traded as high as $284.22 a share. Today, BIDU stock is trading at $159.14 a share so you can see how this stock has struggled in 2019. Remember, the NASDAQ Composite and the NASDAQ 100 just made new all time highs last week. At this time, the stock looks to have a lot of support around the $150.00 level. This support area is simply a big whole round number that has not been tested yet. Often, markets love big whole round numbers and this should be the case for BIDU stock when it is tested. Should this $150.00 support level fail then the next major support area will be much lower and likely around the $130.00 level.
Nicholas Santiago
InTheMoneyStocks
Baidu Inc (NASDAQ:BIDU) is viewed by many as the Google of China, it is the leading internet search engine in the country. The stock has been stuck in a sideways trading range since it bottomed in December 2019 at $153.78 a share. Traders should note that in May 2018 the stock traded as high as $284.22 a share. Today, BIDU stock is trading at $159.14 a share so you can see how this stock has struggled in 2019. Remember, the NASDAQ Composite and the NASDAQ 100 just made new all time highs last week. At this time, the stock looks to have a lot of support around the $150.00 level. This support area is simply a big whole round number that has not been tested yet. Often, markets love big whole round numbers and this should be the case for BIDU stock when it is tested. Should this $150.00 support level fail then the next major support area will be much lower and likely around the $130.00 level.
Nicholas Santiago
InTheMoneyStocks
