Strategy:
Traders can look to buy between HK$252.00 – HK$264.00 with a stop loss at HK$240.30. The 1st target price will be HK$290.50, 2nd target price at HK$303.00 and the 3rd target price at HK$313.00. 4th target price at HK$333.00
Technical snapshot:
BYD is on a steady uptrend and we have achieved our 1st target price at HK$262.10 based on our previous Trendspotter dated 18 April 2023. Price action indicate that the stock is likely to trend higher:
- The ascending triangle is signaling a potential break to the upside. With the pennant formation, it adds to the probability of a bullish break to the upside
- Prices are trending above the ichimoku indicators, signaling a steady uptrend.
- MACD is rising and remain sturdy above the zero line, reiterate the uptrend.
- Volume expansion remain healthy