The next technical sell signal for the BYD share seems to be perfect. While the zone between HK$211.80/212.20 and HK$216.80 initially withstood bearish pressure in the past few days, the Hong Kong stock exchange broke below this mark on Thursday. An interim pullback on Friday caused the BYD share (WKN: A0M4W9, ISIN: CNE100000296, Chart ) to rise again to 215.60 Hong Kong dollars, but the Chinese group’s share price turned down again here.
It ended up trading at HK$210.60 on a weekly close basis. From a technical point of view, the sell signal is valid, even if the low of 206.80 Hong Kong dollars from Thursday was not undercut again. That may yet come unless BYD stock makes a quick break back above Friday’s daily high and the HK$215.60/HK$216.80 area.
If the price decline continues, the next technical support for the BYD share will be found on well-known brands. In the last 4investors chart checks for the China title, we had already named the zones at 203.20/204.80 Hong Kong dollars and 196.00/198.80 Hong Kong dollars as possible next targets in the event of a break.