XPEV Drop
Updated
Good Evening,
As EV stocks are performing weaker recently and XPEV performs poorly in relation to the overall market, I expect a drop below 30$ soon.
Fundamentals/Macro:
i) relatively weak EV sector
ii) meme stocks are receiving increasingly negative perception by new market participants
iii) Imminent profit taking after ER of big names
Technicals
i) XPEV could not hold daily EMA
ii) could neither hold 33$ nor 32$
ii) XPEV experienced a strong rejection from the upper wedge trend-line
iii) Volume is consistently higher on loss days, showing persistent sellling pressure
I expect a break of the lower wedge trend-line followed by a violent drop below 30$
Thank you.
As EV stocks are performing weaker recently and XPEV performs poorly in relation to the overall market, I expect a drop below 30$ soon.
Fundamentals/Macro:
i) relatively weak EV sector
ii) meme stocks are receiving increasingly negative perception by new market participants
iii) Imminent profit taking after ER of big names
Technicals
i) XPEV could not hold daily EMA
ii) could neither hold 33$ nor 32$
ii) XPEV experienced a strong rejection from the upper wedge trend-line
iii) Volume is consistently higher on loss days, showing persistent sellling pressure
I expect a break of the lower wedge trend-line followed by a violent drop below 30$
Thank you.
Note
Closed at 30.5$ today - 0.618 Fib Retracement (from this uptrend) + strong support level.-> However, no change to plan, since last big names reportet earnings today and heavy sell-off is expected (additional support for this thesis is given by the high volume red Doji on SPY´s daily chart: SPY will take XPEV down)
Note
Trade worked out. Position closed
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