$BIDU
Added 2024-07-15 19:33:44 +0000 UTC$BIDU dropping -7.5% at the opening along with other Chinese ADRs because of a weak HSI day is an overreaction, Jefferies and Citi both reiterated their price targets today at $174 and $155, a far cry from the $91 level the price hit today.
I normally don't react at the opening but when I do, it is normally to buy, certainly not to sell.
And a red day opening like that after enjoying a strong bounce from $84 to $104 and then getting an opportunity to add again at $91.85, I am not going to miss that opportunity.
This also compliments my average too, which is at $98, something I am very happy and comfortable with.
On the chart we can see that support was found on the 0.618 Fib at $92 and the previous green 0.78 Fib support line, so this is what I like to see, if the HSI starts moving this week, so will $BIDU.
