$BIDU Trying To Break Through Current Level

$BIDU has been on quite a tear lately. Early last year, with the stock at $82, I went against all the analysts that said the stock was a sell. I said it was going to rally and break back over triple digits. I also observed that it was going to be "en fuego" ("on fire") again, which is exactly what's happened.

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After $BIDU broke $100 it kept going and going, hitting over $170 a share recently. The analysts that were telling you to sell at the lows are now sheepishly raising their targets as $BIDU keeps going higher.

Here's what I'm looking at for $BIDU short term: the trade is a pullback off the $170 level, which has been a tough nut to crack the last couple weeks. Indeed, once the $170 level breaks $BIDU will see a rapid rise to $200, but until that event occurs I think the trade is for a pullback.

Additionally, I spoke of a possible trade for a pullback this week in the om.com chatroom; the $165 puts at $.59 x $.70.

bidu1

Profile photo of uranium-pinto-beansKnown to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

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