Baidu (NASDAQ:BIDU) was the big news on Friday. It jumped as high as 132.8, but, closed well-below that, at 124.57. So, where is it going next?
In January, when BIDU went above 130, I thought it was time to take profits. What about this time? Let's take a look at BIDU's weekly chart:
In January, BIDU’s MACD was topping out. But, this time, BIDU’s MACD is just starting to rise. BIDU might need a couple of days to let off some steam. But, if it gets above 130 again with strong volume, it may have more room to go. So, if you missed it on Friday, there may be future chances for you to catch it again.
As of now, I have no positions in BIDU, just a bullishly-biased sentiment towards it. I will be updating BIDU next week if I see signs for BIDU to go up further.