On the stock exchange in Hong Kong, BYD shares are not infected by the nervousness of the markets in Europe and the USA. Today, the share price of the Chinese auto and technology group climbs to a new all-time high of 146.60 Hong Kong dollars, the previous level is 143.50 Hong Kong dollars and was only reached last Thursday. The BYD share is currently at 144.90 Hong Kong dollars, despite a slight intraday setback, still above the breakout mark, so the trading buy-signal remains active. With the development, the company’s share confirms its upward movement, which has led to a multiplication in the share price since the Corona crash low in March at 33.50 Hong Kong dollars.
In terms of the chart, the development is thus still bullish at all time levels, even though a clearer consolidation would not come as a surprise after the strong price gains. So far, the BYD share has been able to avoid the danger. A look at the course of the last few trading days shows a new potential technical support around 134.50 / 135.80 Hong Kong dollars, which was also tested and held today.
Yesterday as today, longer fuses of the day candles in the candlestick chart indicate a tendency to buy in this zone. A slide below this could become the first procyclical sell signal for BYD’s shares. The next support levels are then around 129/131 Hong Kong dollars and 124.10 / 124.80 Hong Kong dollars and the known zone between 117 Hong Kong dollars and 118.00 / 119.50 Hong Kong dollars.