XPeng shakes off negative pressures - Analysis - 01-12-2022

2022-12-01 12:53PM UTC

XPeng's stock (XPEV) surged in the intraday levels even after reporting a net loss in the third quarter compared to last week, while missing Wall Street forecasts by a wide margin, however the company signalled reaching a bottom to falling deliveries, with the stock spiking 47.28% in the last session, or 3.47 points, settling at 10.81, with trading volumes surpassing 173.5 million shares, above 10-day averages of 42.3 million shares. 


Technically, the stock pierced the downward short-term trend line, with positive signals from the RSI, shaking off negative pressure from the 50-day SMA, starting an ascending correctional wave in the short term. 


Therefore we expect more gains for the stock, targeting the first resistance at 13.42, provided the support of 6.88 holds on.


Expected trend for today: Bullish

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