BYD....New ATH! And now?Hello Traders,
BYD, the Chinese carmaker has risen to new ATH`s this morning. It closed trading at HK$13.45 and gapped above the former resistance level of HK$ 129.8.
I have labeled the chart as an impulsive move that is close to an end or it will subdivide into a series of „ones and two`s“!
Using the RSI indicator to check the technical structure, there is to observe at today`s high that the high for RSI was at HK$ 90 (RSI at 91.84). Today`s higher price level was accompanied by a lower level for RSI (at 74.33) indicting a wave 5 to be done or close to do so.
But therefore we have no clear pattern yet.
So, if you are still invested, let profits running, lay back, and relax.
As long as BYD is trading above HK$100 the focus should be to the upside.
Any setback should be with corrective character and the stock has much room to go!
Have a great week.....
ruebennase.....
Feel free to ask or comment!
Trading this analysis is at your own risk!
The author is invested in this stock!
BYDDF trade ideas
BYD.....Advancing higher in a corrective modeHello Traders,
BYD made a low on the week of March 23 in 2020 @ 33.5 and advanced strongly since. This low could be a wave „((X))“ with a wave „((Y))“ to follow.
Why do I think that?
Well, the first leg of advance, starting end of September 2005 is clearly a „three-up“! This indicates a „corrective“ advance as I mentioned before.
The move that developed from the wave ((W)) high to the wave ((X)) low has the shape of a wedge. Price broke out above the area of ~90 HK$ at the latter week, indicating more buying pressure to come. But notice, on the weekly also to observe is the clear „five-up“ which indicates an end of the first impulse to the upside. So a starting correction should not surprise traders in the short term.
With RSI in strong overbought areas (above 80 levels) this scenario could be the next to expect!
If this would be the case, a corrective price target should be at or around the 68 HK$ areas, where a wave 4 of lesser degree was done.
On the other hand. While BYD was rising into never seen territory it could be that the running advance will last longer and extend well into the next weeks.
I will update the chart if the pattern becomes clearer.
Have a great weekend....
ruebennase
Feel free to asko r cemment!
Trading this analysis is at your own risk!
Is this the next EV stock monster?In light of TSLA and Workhorse and other EV successes, maybe this ADR is a worthy gamble. Buffet owns 10%.
There's Youtube video of Elon laughing at BYD in a Bloomberg interview, mainly because their cars are very boring and his aren't.
They were #2 in global EV sales in 2019.
BYD Company starting to see movementOne of my favs: BYD, starting to see movement now that Cov fud is dying out. $BRK.A bought a stake in 2008. In China, you'll notice taxis in many cities are all BYD EVs, yet this stock hasn't seen the love $TSLA has. It's also worth mentioning it's a profitable company. Balance sheet looks okay-ish, and it should be a big winner during the big switch to EVs (also consider that Xi Jin Ping is forcing Chinese people to buy EVs in the near future.) Should hit top of the triangle, and hopefully break up to de moon
BYD Long Bias1. Price just got rejected on the weekly structure with a bearish engulfing.
2. We will be looking to see if it test the expanding triangle. more aggressive players might want to take it when it reaches the structure support with 47.6 .
3. Personally prefer it to close above the weekly structure.
BYD CO Longafter watching all previous rebuy levels being reached within a short time i have now set buy stop at 7 which was the last rebuy level of this wave 4 downwards.
Expecting little to no big price action during the month of may.
This is another one of my longterm investments with soft targets around 20