Baidu Hits The Resistance Wall Again

Google's (GOOG) announcement that it was considering pulling out of the Chinese market helped boost shares of Baidu (BIDU) by nearly 15% this morning.  As shown in the chart below, today's gap broke a downtrend that had been in place since late November.  While BIDU may have broken its downtrend and moved back above its 50-day moving average, the stock was unable to trade above its 52-week high of $443.25, which is a level that has been acting as resistance for a few months.

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Comments

[Senan]

Google are playing cat and mouse. They are a behemoth, and they won't leave the behemoth that is China alone. The market is simply too lucrative and ripe for growth.