China Stocks Begin Breaking Out: Baidu (BIDU)

Shares of Baidu (BIDU) have broken out of a bullish wedge pattern. The company trades at a forward price-to-earnings of just 8 and is now showing signs of a run. Price has not only broken-out, but is giving investors a chance to buy on the retrace to the former resistance, now support trend line.

Based on technical analysis, this is a very bullish chart. BIDU looks like it could be headed well over $100 per share.