BYD share: The Tesla competitor is threatened with strong sell signals

Regarding the current situation, a quick check of investors for BYD shares. Chinese stocks have resisted fresh sell signals since Tuesday. The share price of Tesla’s Chinese rival has fluctuated for three days in a row, and there were repeated breaks below the support level of HK$175. 0 / HK$175.70 today, but they were missed. With today’s drop to HK$172, the current rate is also the lowest of the day, and China’s growing COVID-19 situation now appears to be on the defensive. This may allow BYD stock (WKN: A0M W9, ISIN: CNE100000296, Chart) to retest the strong HK$161.70/165.00 technical support area on the chart. Here you can find, among other things, the previous March 2022 low of HK$165. Also note additional bonuses of HK$156.80/158.00. Selling signals from these brands could push the Chinese carmaker’s share price down to HK$1 .10/1 .30 and a 2021 low of HK$138. 0. There may be some relief if BYD shares break through HK$178.80/180.10. In such a scenario, the fantasy of a recovery could grow, especially if this year’s downtrend breaks and minor barriers to HK$190 follow.