Greatwall Motor (2333.HK) expects another up move

Electric vehicles are one of the hottest topics in the financial market during 2020.

Tech (1)

Electric vehicles are one of the hottest topics in the financial market during 2020. GreatWall Motor (2333.HK) soars 160% in 2020, while Hang Seng Index is down 6%.

Recently, the company announced that the auto sales volume grew 26.1% on year to 142,200 units, while production volume increased 23.1% on year to 146,200 units. Besides, Credit Suisse retained "Outperform" on the company at the target price HK$17.5, up from HK$16.0.

From a technical point of view, the stock is trading within the rising channel on a daily chart, indicating a bullish outlook. Currently, the prices stay above the 20-day and 50-day moving averages. Bullish readers could set the support level at HK$13.60, while resistance levels would be located at HK$17.10 and HK$18.30.

Source: GAIN Capital, TradingView

More from Equities

From time to time, StoneX Financial Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.