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

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