After yesterday’s price rally for BYD shares, profits are being taken today. In terms of the chart, this is a problematic development, as this profit-taking occurs immediately below the high hurdle at the all-time double top at 210/212 Hong Kong dollars. Yesterday BYD’s share price climbed to $ 208 Hong Kong and at least got close to the high barrier. Since no decisive attack on the chart resistance area can be started today with a previous daily high of 206 Hong Kong dollars, the BYD share is currently falling significantly. The daily low is listed at 192.20 Hong Kong dollars, the share price is currently at 193.20 Hong Kong dollars.
With today’s exchange rate development, the resistance zone below 202 Hong Kong dollars will be significantly strengthened and expanded. At 208/212 Hong Kong dollars, after the rally of BYD shares, which started in March at 33.50 Hong Kong dollars, a “three-headed monster” is piling up as a resistance zone. Today’s price development will not make it easier to overcome this technical chart hurdle, which will be more than ever the central trend-setting brand for BYD’s share price.
Meanwhile, the recently overcome chart resistance levels between 189.40 / 189.90 Hong Kong dollars and 193 Hong Kong dollars are now the first support levels for the share price of the Chinese group, which are currently in focus again.