At the end of 2020, BYD shares tried again to overcome an important technical obstacle. It’s no less a hurdle than the all-time high of $ 208/212 Hong Kong dollars that the stock of the Chinese battery and electric car company headed for, but was unable to break. At the end of the last trading day in 2020, the attempt to break out had clearly failed. BYD shares only managed to peak at 206 Hong Kong dollars and the New Year’s weekend started at 203.20 Hong Kong dollars.
The “three-headed monster of resistance”, consisting of three local resistance levels between 208 Hong Kong dollars and 212 Hong Kong dollars, remains trend-setting for BYD shares. The area is currently strengthened by the upper Bollinger Band, which is rising at 206.90 Hong Kong dollars. A breakout above this would be an absolute “hammer”, in other words a strong technical buy signal for the E-Mobility title.