Hello Traders,
my latter analysis for BYD was so to read:
„BYD, the Chinese carmaker has risen to new ATH`s this morning. It closed trading at HK$13.45 and gapped above the former resistance level of HK$ 129.8.“
Today, BYD, the Chinese EV maker set the next All-time-high at HK$ 145.60 on a closing and intraday basis. Orders for the companies best selling car, the model „HAN“ are rising exorbitant and make it possible, that the stock has more room to go and extend his advance. At the chart is to observe, that BYD is rising within a trend channel and it could be, that price will extend to the upper boundary of the Elliott-trend channel. A possible target area for the end of wave 1 or a is at the upper boundary at ~HK$170, depending on when and if it will be reached!
On the long-term view, the stock is strongly bullish.
Short term traders who want to jump in still wait for a corrective setback.
Overall to speak it is possible, that the advance from the March 2020 lows is a wave 1 or A. So, once the rise is done, a corrective setback should be next to come. But for this scenario, we have no arguments, no facts yet.
Have a great week....
ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
The editor is still invested at the share!
my latter analysis for BYD was so to read:
„BYD, the Chinese carmaker has risen to new ATH`s this morning. It closed trading at HK$13.45 and gapped above the former resistance level of HK$ 129.8.“
Today, BYD, the Chinese EV maker set the next All-time-high at HK$ 145.60 on a closing and intraday basis. Orders for the companies best selling car, the model „HAN“ are rising exorbitant and make it possible, that the stock has more room to go and extend his advance. At the chart is to observe, that BYD is rising within a trend channel and it could be, that price will extend to the upper boundary of the Elliott-trend channel. A possible target area for the end of wave 1 or a is at the upper boundary at ~HK$170, depending on when and if it will be reached!
On the long-term view, the stock is strongly bullish.
Short term traders who want to jump in still wait for a corrective setback.
Overall to speak it is possible, that the advance from the March 2020 lows is a wave 1 or A. So, once the rise is done, a corrective setback should be next to come. But for this scenario, we have no arguments, no facts yet.
Have a great week....
ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
The editor is still invested at the share!