Baidu is considering entering the electric vehicle market

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Baidu (BIDU.US) stock surged more than 10% after the company announced that it was considering starting production of its own electric cars and has held talks with automakers about the possibility, according to three people with knowledge of the matter who spoke to Reuters. The Chinese search-engine leader already has a unit that develops autonomous driving and internet connectivity technology.

Baidu (BIDU.US) stock broke above the upper limit of the upward channel and price is currently testing major resistance at $177.32 which coincides with 200 SMA (redline). If the current sentiment prevails, the upward move could be extended to the $208,18 pts handle. However if sellers will manage to halt advances here, the nearest support lies at the aforementioned upper limit of the downward channel. Source: xStation5

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