A slew of good news has been coming out of China and this morning it was the automotive sector benefiting. China considers extending electric car tax exemptions and this gave a boost to auto shares like xpeng, li auto, great wall motor and of course geely.
It came to our attention yesterday when we saw Geely trying to break out after a long consolidation and with volume. We informed our clients as we saw a good potential trade set up. We’re thankful that it has risen over 7% in just a day hitting our first upside target! Very impressive run for a day! There looks like more room on the upside but of course not in a straight line. $17.90 is our next upside target!
As our local market is in a consolidation phase, it is important to look at other markets to continue to generate some income. So when one market is slow there are still other markets to look at.
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Kelwin & Roy