March 10, 2010 (Chinavestor) Share price of Baidu.com (NASDAQ:BIDU) broke through another psychologically important level today and touched above $550 for the first time ever. If this came as a surprise to some let me remind you that BIDU was far from overbought this morning - was trading far from theoretical highs and was making a gradual climb to $550. Another positive development is that high underlying volume suggests money flows remain strong for the stock limiting downside risk.
The following chart records the chronology of the latest development.
If you like the chart above, consider this. Baidu.com (NASDAQ:BIDU) is not only not overbought but is trading just at the high end of the trading envelope, displayed by the following chart. This in turn suggests more upside is possible - or rather that any pullback is not imminent. As always, we may be wrong but it looks at this point that Baidu.com (NASDAQ:BIDU) may make it to $600...
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