Trade Signal Update: Our Short BAIDU (BIDU) Position at $134.50 Has Hit Both Profit Targets at $116 & $112
Our Short BIDU position at $134.50 has hit both our Take Profit targets at $116 and $112 and we lock an 18.5 and 22.50 points move on this trade. We are happy to show that even when markets take a large hit, traders can always find opportunities to make profit.
Baidu, Inc. (BIDU) is a Chinese multinational technology company specializing in Internet-related services and products. The giant tech company is under pressure as Chinese stock market continue to struggle amidst the Corona Virus spread.
This week we learned of large international companies such as HSBC, one of Hong Kong’s most important banks, that is going to cut over 35,000 jobs. More than 100,000 flights were canceled so far by almost all airline companies, and similarly the cruise ship and hotel industry experiencing same cancelation rates.
Looking at the chart, we can see BIDU currently trading at $134.5 level after hitting trend line resistance at 147.0 on January 10th and the stock has failed in creating higher highs since then. Looking forward, we predict that BIDU will continue see selling pressure and price will drop and look for support at $116-122 level.