BIDU – Baidu, Inc. (Last:109.65)

Baidu, Inc (BIDU) price chart with targetsSomeone touted this stock in the chat room yesterday and, truth to tell, it doesn’t look too bad. The company provides Chinese and Japanese language Internet search services.  The nearest Hidden Pivot resistance lies at 126.27, and I’d rate it a 90% shot of being reached within the next 2-3 weeks, if not sooner. What all but clinches the strongly bullish outlook is the way the stock blew through a clear-as-day midpoint resistance earlier in the week. ________ UPDATE (Monday, November 1, 3:11 p.m. EDT):  Four days after this tout was published, BIDU has eased to a so-far low of 107.58. If this is just a garden variety correction of a still-strong bull, however, the stock should turn from 107.02. Anyone interested in acquiring the stock for speculative purposes should bid just above that pivot, risking, oh, 15 cents, on the stopOfficially, we’ll be bidding 107.04 for 200 shares, stop 106.89). _______ FURTHER UPDATE (4:51 p.m. EDT):  We lost $30 testing the water. The stock’s low at 106.85 overshot the midpoint target by 17 cents, implying BIDU will now head down to the related ‘d’ target at 104.88. We’ll try again, bidding 104.93 for 200 shares, stop 104.63.  Unofficially, however, you could start looking for a camouflage entry opportunity if BIDU gets down to 105.40, since there’s always a chance that the correction of a strong bull trend will end without having quite reached the ‘d’ target of an abcd retracement. _______ FURTHER UPDATE (Tuesday, Nov 2):  The low at 106.85 proved to be the launching pad for a so-far $3 rally, so we had no horse in the race. At least one chat-roomer reported sticking with the trade, however, after having used a wider stop-loss than I’d advised.