XPENG has been trading in a downward trend since November of last year. We're now down 63% from the peak in November. This big sell-off is amplified by two factors. One, restrictions on selling for long-term investors were lifted. Two, we've seen a sharp correction in tech stocks and hype stocks. We also saw the Chinese market correct by more than 10% last month.
Now the price has filled in the gap back on November 4th. This is a critical support level to keep an eye on. If the price breaks this level at 27.50, the next support level is at the next gap at 22.30. Lastly, we also have an earnings report next Monday which could bring more volatility to the stock.
I personally bought the stock today, and I'm looking to accumulate between 27.5 - 22.30.
Now the price has filled in the gap back on November 4th. This is a critical support level to keep an eye on. If the price breaks this level at 27.50, the next support level is at the next gap at 22.30. Lastly, we also have an earnings report next Monday which could bring more volatility to the stock.
I personally bought the stock today, and I'm looking to accumulate between 27.5 - 22.30.
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Comment: 27 Level Holding! As long as this level holds look for a reversal to the upside. On the other hand, a break below 27 could send us down to test 22.30 :(