Baidu — Will Buyers Remorse Turn Support Into Resistance？ - Baidu (NASDAQ:BIDU)

Benzinga

2024-07-05 20:35

Shares of Baidu may have broken their recent downtrend. They may be about to form a new uptrend. That's why Baidu is our Stock of the Day.

　　Many of the people who bought their shares while the stock was at this support now regret doing so because they have a losing position. A number of these remorseful buyers decide to eventually get out at breakeven if they can.

　　They don't want to hold the shares, but they don't want to lose money either.

　　As a result, if the shares rally back up to $95.00, they will be placing sell orders. If there is a large enough concentration of these orders it will cause resistance to form at the level that had previously been support.

　　Stocks are always trending. Eventually, this trend will change and trading profits will follow. This could happen with Baidu.

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