Should you buy Baidu ($BIDU)? (Updated 10/1/2014)

UPDATE – 10/1/2014

Below is the chart of BIDU for today 10/1/2014. It hit it’s support level of $210.00 and actually went a little bit below, but fought back to close at $212.03. It doesn’t look like it will explode higher so it might be a good idea to establish a position now but the market as a whole has been down for about a week if you wanted to wait to try to get it closer to $210.00 or a little lower, it’s most likely safe to do that. Even if you bought it at $212.00, it’s still a pretty good price point at support. If you buy now, make sure you monitor it in case it fails it’s $210.00 support level.



If you are looking for a nice overseas stock to purchase, you might want to take a look at Baidu. As you can see in their year chart below, they are in an up trend but closed down 1.5% at $224.93. Considering that they are close to their $230.00 resistance level, and also ended on a dark cloud cover candle, I would wait for this stock to go down to $210.00 before I would consider buying it. If it fails it’s $210.00 support level, it might fall to about $200.00, but I think it’s $210.00 support level should hold up.