Baidu Pulls Back

Chinese Internet stock Baidu more than doubled between November and early February. Now some traders may be eying its current pullback.

The first pattern on today’s chart is the $131 area. It was a low on February 24 and again last week.

Second, the 50-day simple moving average (SMA) had a “golden cross” above the 200-day SMA on February 8. That may suggest BIDU's longer-term trend has turned more bullish.

Third, stochastics are rebounding from an oversold condition.

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