Baidu Tests Major Resistance Level

shares were trading higher by $5.16 (2.3 percent) at $218 in Thursday's session. It is trading higher for the third day in a row since closing at $203.60 on Monday. After a modest gain on Tuesday, it leaped nearly $9 on Wednesday and is adding to those gains in today's session. After a higher open, (today's open of $215.40 vs. Wednesday's close of $212.84), it briefly retreated to $215 before resuming its rally. The continuation move took the issue to $220.75, which is a familiar resistance area for the issue. The reason for that being it peaked in this area on several different occasions over the past few months. In late January and early February, it posted a series of five highs between $219.19 and $221.52. Also, on February 10 it posted a high at $220.83. Finally, on March 24, it found resistance just ahead of this area at $218.56. If the issue can clear this critical resistance level, the next identifiable resistance level is not until the pair of highs from January 27 ($229.17) and January 28 ($229.40).