BYD Electronic (International) has staged a bullish breakout, showing the momentum is getting stronger now.
RHB Retail Research, in a note today (July 31), said they observed the stock has climbed above HKD29, and had its strongest close since 16 Dec 2021.
The latest “higher high” also confirmed the stock has completed the consolidation phase and is poised to test the next resistance at HKD32, followed by HKD35.
On the flipside, falling below the HKD26 support would kickstart the correction phase again.
Following its breakout from the consolidation zone, Geely Automobile is eyeing to extend the upside movement.
The stock breached past the HKD10.50 resistance on strong momentum, showing the bulls are in the driving seat now.
Meanwhile, volume is increasing in tandem with the share price, showing strong bullish momentum is in play.
The stock should climb towards HKD11.50, followed by HKD12.50. In the event it falls below the HKD9.50 support, this would nullify the bullish setup.
