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!
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!