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After an unforgettable debut last year, Baidu.com spent the next few months deflating but really nowhere in particular. Recently though, it gapped up on a massive volume spike and it has surprisingly stayed aloft while the general market has gone to hell in a handbasket.
And this week it actually broke above its multi-month channel. Although it does have some resistance at these and higher levels, they are not that recent so I don’t think they will have a large effect. If BIDU can continue to act with the relative strength that it has shown up till now, I think we can expect some great things in the weeks and months to come.
Yet, I can’t deny that the chart of Baidu reminds me of Sears Holdings. If you recall, SHLD was acting very strong as well… until it broke support last week and tumbled below $150. Obviously the large instutions that were dumping shares into the spike higher knew something!
Only time will tell if BIDU can actually hold up or whether it will falter like SHLD.
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