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BYD Co., Ltd.BB

BYD Co., Ltd.

16.18USDD
−0.18−1.10%
At close at Jun 18, 19:58 GMT
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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!
H
by ruebennase
1
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
HLong
by idontknowwhat