BYD.....The trend is your friend!

Hello Traders,
BYD, the Chines EV-carmaker has risen (once more) to a new ATH at HK$ 164.- this morning. My price target called out at my latter analysis at HK$ 170 is close to be reached.
The move from the lows at HK$33.60 on March 23 is developing in a „base-channel“ (blue channel lines). The breakout of this channel, on July 3, gives more confidence that a wave 3 (alt: wave1 of one lesser degree) was underway and the corrective pullback to the level at HK$ 68.80 indicates that a wave 4 (wave 2 of one lesser degree) was done.
After that correction, the stock has risen to the levels now. Note how the move is advancing to the upper boundary of the trend channel (grey) and it makes it possible that the rise should come to an end. Maybe by extending above the upper line and creating a „throw-over“ or touching and reversing this line.
If a „throw-over „ is underway, price will exceed above the area of the upper line (at HK$170-180), more bullish potential exists!
A „throw-over is complete if prices „travel back“ below the upper line of the channel.
So I will monitor this stock closely and update the chart in the coming days ahead.
Have a great week....

Feel free to ask or comment!
Trading this analysis is at your own risk.
The editor is invested to this stock!

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.