Baidu Inc (ADR) BIDU shares are trading higher by $2.73 at $177.90 in Monday's session. There is no specific news out on the issue to account for the rally.
After a higher open, it retreated and found support just above Friday's close ($175.17), only reaching $175.22 before continuing its move higher.
So far, the rally has found resistance in a familiar area. On both January 24 and 25, the issue peaked at $179.00 and ended both of sessions in the $176 handle.
Today's rally has barely exceeded those highs as $179.09 stands as the current high for the session. Since making that, it has fallen back to the $178.00 area.
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