After the recent consolidation of the BYD share, it generated massive buy signals on the chart today. On the Hong Kong stock exchange, the share price of the Chinese automaker can soar a full 12.2 percent to 121.40 Hong Kong dollars today, climbing above the previous top, which was only reached on September 21 at 117 Hong Kong dollars. The subsequent consolidation in BYD shares, as we reported, was short-lived as expected and was ended by clear buy signals.
“If the support remains intact just above the 100 mark, the BYD share has a chance of ending the consolidation soon. A rise above 110.10 Hong Kong dollars could then be enough to let the share price of the Chinese company rise again towards the top, ”said the 4investors chart check on BYD shares published yesterday. A day later, the stock delivers exactly this signal and the breakout above 117 Hong Kong dollars.
In terms of the chart, the two zones will become support brands for the BYD share. The not exactly flat upward movement of the past few weeks has also been confirmed by the developments of the past few days. In view of the multiplication of the exchange rate since the corona crash low in March 2020 at 33.50 Hong Kong dollars, sooner or later stronger consolidation risks must be expected.