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BYD: Will the following support be able to provide sufficient support? - Financial Trends

BYD: Will the following support be able to provide sufficient support?

Only in July, the BYD stock formed a new high on the Frankfurt Stock Exchange at EUR 41.80. New highs always confirm an intact upward trend. This is also confirmed by the important long-term 200-day moving average. All in all, the technical condition of the share is excellent. Most recently, the share price approached the level of around EUR 33.50. The share price always bounced off this level. The fact that prices have always bounced off there is a sign that market participants do not accept prices below it.

The importance now lies in not falling below this support in order to ultimately form a further movement to the upside. If the 38.00 mark is overcome on a daily closing price, this is a good signal for a further rally in BYD. However, if daily closing prices below EUR 33.50 occur, the existing short-term correction will probably extend a bit further.

BYD stock – The overriding trends are clearly bullish!

Macd Oscillator: With the important indicator, it must be checked whether the trigger line is below the signal line. In addition, also whether the Macd is above zero. From a total of 10 Macd analyses, only 3 are positive. In this respect, this is to be described as bearish.

Moving averages: Now we look to see if the GDs are rising for BYD stock. This is because rising GDs indicate an uptrend. Out of a total of 10 moving averages, 6 are rising. In this respect, this can be described as bullish. -the trend is your friend-

Parabolic SAR indicator: The last thing to be analyzed is whether the closing price is above the indicator. If yes, then a valid upward trend is given. From a total of 10 Parabolic SAR evaluations, only 3 are positive. Bullish is by far something else.