Hyundai motors to witness new highs in 2024?
The South Korean multinational automotive manufacturer, Hyundai Motors was ranked world's third-largest carmaker in 2022 in terms of production.
Hyundai motor group(which includes Genesis and Kia brands) has grown massively during the last decade surpassing giants like General motors, Nissan, Ford and Stellantis (in terms of annual sales volumes). At this point only Toyota and Volkswagen are ahead of this Korean giant slayer.
This growth can be seen on the stock chart of the company as well. The stock set out a new impulse wave in Jan. 2023 that completed in May 2023.The stock then completed a Zig zag(Elliot wave) correction between may-Aug hardly retracing even 38.2% of the rise(remember shallow retracements are a reflection of strength and bullish sentiment).
Standing currently near the 107k South Korean won(KRW) the auto maker has a potential of reaching the 150K KRW in 2024.
on the downside the 102K is the crucial support for the stock.
Note*- This chart is for educational purpose only.
Hyundai motor group(which includes Genesis and Kia brands) has grown massively during the last decade surpassing giants like General motors, Nissan, Ford and Stellantis (in terms of annual sales volumes). At this point only Toyota and Volkswagen are ahead of this Korean giant slayer.
This growth can be seen on the stock chart of the company as well. The stock set out a new impulse wave in Jan. 2023 that completed in May 2023.The stock then completed a Zig zag(Elliot wave) correction between may-Aug hardly retracing even 38.2% of the rise(remember shallow retracements are a reflection of strength and bullish sentiment).
Standing currently near the 107k South Korean won(KRW) the auto maker has a potential of reaching the 150K KRW in 2024.
on the downside the 102K is the crucial support for the stock.
Note*- This chart is for educational purpose only.
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