Above is the daily chart of BYD (1211.HK). A-share was listed few days ago and surged consecutively. H-share, as we could see, followed and rose as well.
Since late 2009, the price has been under bearish trend for such a long time, and dropped from over 87 in 2009 to as low as 21 in June 2011.
Due to the excellent performance of A-share (gained over 70% in three days), the price of BYD HK broke out and appeared to have ended its bearish trend.
However, there is another short-term resistance given by the orange pitchfork. This is expected to curb the sudden rise, for a while.
If the orange fork breaks, the price will reach the purple fork, which is at around 33. This is the final resistance, and if it breaks too, BYD could start another long-term bullish trend.
This China automobile company focuses on developing new-energy automobiles. Although they are still not that popular due to the inconvenience caused, in long-term this would become the trend of vehicles and BYD is of course a good company for long-term investment.
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