XPEV printing a bull flag
Updated
Good morning dear padawans. After XPEV's 22% move to the upside in one day it is taking a breather and forming what looks like a bull flag. If it retraces too much the pattern is invalidated so like captains of these (at times) unpredictable tides we must watch and act accordingly. For now I am not worried. The technicals are the same as my previous chart (see link below). I added the Stochastic so we can see momentum is not bullish (lines crossed bearish and are moving down) which is in line with the flag formation. However the Stochastic is a fast moving oscillator so it can very well flip bullish sometime next week depending on how the political scenario evolves (in my opinion). Remember, the Inauguration (and the changes it brings) is around the corner so people may take some time to reassess their investments. In summary, this looks like a normal pull back at the moment but if the scenario changes I will have to change my plans as well.
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Share the love:
If you get anything out of this TA, please like the chart so it moves up and others can benefit from my work. A simple click on the like button goes a long ways.
Follow for more:
I have an outstanding winning rate (check my other charts). If you want the best entry/exits just follow me, you won't regret. Thanks a lot!
***The ideas shared here are my opinion, not financial advise to place trades. Please do your own research before buying/selling stocks***
Note
This is the weekly chart. We are struggling with that $47.6 resistance but the price is getting super squeezed. It will eventually have to choose a direction: Note
Nice breakout. First resistance to be broken was met. Next target is $57, then $60.Note
Since the $54 mark has been strong resistance in the past I sold about 10% or my shares here.Note
Resistance broken. Next level is $57. A retest of $54 may be in play as well.Trade closed manually
Closed my position at the $57 resistance. Had a good run with this one. Waiting for a good opportunity to enter again.
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