Image and copyright: katjen / shutterstock.com.
December 21, 2020 8:37 am – Author: Michael Barck | 4investors on: Twitter | Google News | Facebook
Massive price gains for the BYD share at the start of the week: On the Hong Kong stock exchange, the share price of the Chinese automobile and battery manufacturer is jumping double-digit percentage today. The BYD share price is currently quoted at 206.20 Hong Kong dollars, the daily high is quoted at 207 Hong Kong dollars. The stock is thus bidding farewell to the latest consolidation movement and is back at the all-time high, the top zone is 210/212 Hong Kong dollars.
At the weekend, we had already pointed out the bullish chances of the BYD share, which still existed, although the electric car stock seemed to be technically burdened by a false breakout on Friday. For this bullish scenario, “BYD’s share price would have to step on the gas on Monday and catapult automotive shares towards the technical chart resistance levels between 189.40 / 189.90 Hong Kong dollars and 193 Hong Kong dollars – and in the short term beyond,” it said on Sunday in the chart check. The title did a great job of that.
While the above-mentioned technical signal zones for the BYD share will become support levels if the top of 210/212 Hong Kong dollars, which has not yet been seriously tested, does not go any further, this resistance level is now in focus again. With the intact overall upward trend behind it, the BYD share does not seem to have a chance of overcoming this high hurdle in terms of chart technology. Caution: If there is no stable buy signal in the near future and BYD’s share price bounces down instead, it will be dangerous! Profit-taking of a larger kind then threatens. Just for comparison: BYD shares will hit their corona crash low in mid-March 2020 – at 33.50 Hong Kong dollars.
Important technical data on the BYD share:
Last share price: 206.208 Hong Kong dollars (Exchange: Hong Kong)
Bollinger Bands 20 (bottom / top): 165.70 Hong Kong dollars / 200.20 Hong Kong dollars
EMA 20: 183.00 Hong Kong dollars
EMA 50: 165.70 Hong Kong dollars
EMA 200: 107.80 Hong Kong dollars