Geely break its support way back in Nov/Dec 2010. And ultimately, break down from the kumo support from 3.60
Since then, the sharp drop has slowly disappear and the price has slowly consolidated around 2.80
Current support from the Ichimoku chart shows $2.78 as identified by the Chikou Span.
Second support is around $2.55 that came from the price action way back in September 2010.
The Tenkan sen and Kijun sen seems to be flattening which adds further to the possibility that the price is consolidating.
Immediate resistance is around $3.10 as shown by the kumo. However, the kumo is not thick.
A strong basing off this level will easily allow Geely to go above $3.10
Likewise, if the consolidation at this level leads to another round of sharp fall in price spells problem.
Chaoda has fall off the cliff since its August sell off with not just 1 gap down but 2.
Currently, it is trying to break through the gap resistance at around 6.31
If it succeeds, more resistance is expected from the kumo till around $7.2; where it will be the kumo resistance from the Weekly Chart
Both the Tenkan sen and Kijun sen are pointing downwards; which suggest that weak bullish trend.
With such a huge selldown, it will probably better to wait for it to clear the kumo resistance and established a clear bullish trend before taking a long position.
Meanwhile, the bias remains bearish.
1. BYD has a bearish cross back in November 10.
2. Currently, support can be found at $66.80 based on the Chikou Span support.
3. Price is still above the kumo level which suggests that the uptrend is still intact and may be supported.
4. Stochastics shows that it is approaching oversold territory. Will there be a rebound from here?