This Chinese ADR Couldn't Catch A Bid When A Trade Deal Seemed Likely
InTheMoneyStocks.com | May 08, 2019 02:27PM ET
Baidu (NASDAQ:BIDU) is viewed by many as the Google (NASDAQ:GOOGL) of China. It's the leading internet search engine in the country. The stock has been stuck in a sideways trading range since it bottomed in December, 2019 at $153.78 a share. Traders should note that in May, 2018 the stock traded as high as $284.22 a share. Today, BIDU stock is trading at $159.14 so you can see how this stock has struggled in 2019. Remember, the NASDAQ Composite and the Nasdaq 100 just made new all-time highs last week.h3 Support Watch/h3
At this time, the stock looks to have a lot of support around $150, which is simply a whole round number that has not been tested yet. Often, markets love big whole round numbers and this should be the case for BIDU when it is tested. If this $150 support level fails then the next major support area will be much lower and likely around $130.
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