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Is it the right time to buy Youku stocks?

Youku stock opportunity?

I’ve been eyeing this one stock called YOKU which recently IPOed. Basically, its the Youtube of China in a word, much in the same way Baidu is the Google of China. It is the biggest streaming video site in China with a roughly 20% share, but unlike Youtube which is a clear leader with 40% share, Youku.com has a close competitor in Tudou, which commands roughly 16% of the market according to estimates within the last 6 months. Anyway, I’ve been looking to get into YOKU for around the $30 mark, as I feel it has quite a bit of support around that level, and today in the morning I saw it at around ~$29.5! I hesitated, and it went back over $30 for a while. But at the end of the day it revisited the $29.5 level, so I decided to buy. I am now partial owner of Youku haha.