The bull market in BYD shares did not stop on Friday either. On the Hong Kong stock exchange, the Chinese battery and electric car group reached a new all-time high with a share price of 248 Hong Kong dollars. However, the level could not be fully maintained: The closing price for the BYD share is quoted “only” at 240.20 Hong Kong dollars – a daily plus of 2.13 percent. Despite a daily low of 235 Hong Kong dollars, the shares of the Chinese company were ultimately able to remain stable above the previous three daily highs, which can be found between 235 Hong Kong dollars and 237.80 Hong Kong dollars.
In terms of the chart, this is seen as a buy signal that confirms the uptrend in BYD shares for the time being. The fact that after the recent bull market since the Corona crash low of 33.50 Hong Kong dollars from March 2020, however, sooner or later larger profit-taking could be pending, remains a sword of Damocles over BYD’s share price. On Friday, however, a potential short-term top formation could still be prevented with the breakout above 235.00 / 237.80 Hong Kong dollars. How long this will go well remains to be seen. Since the company has long been hyped as the alleged “Chinese Tesla” in the stock market press, large exaggerations cannot be ruled out. Whether the comparison of the two companies is justified is another matter. And the fact that Tesla’s shares are completely exaggerated should not go unmentioned at this point.