XPeng Could Be AcceleratingXPeng started rallying in August, and now it may be starting another push to the upside.
The first pattern on today’s chart is the series of lower highs in December. The Chinese EV maker broke that trendline in mid-January and has remained there since, which may suggest a consolidation phase has ended.
Second, the rebound started after prices held their November low. That may indicate new support has been established at higher levels.
Third, the 50-day simple moving average (SMA) and 100-day SMA crossed above the 200-day SMA in October. The current bullish sequence (faster SMAs above the slower ones) may be consistent with an uptrend.
Next, MACD is rising.
Finally, a XPEV has formed a tight ascending triangle near its high in November. Prices cleared the top of the pattern yesterday, a potential sign of bullish continuation.
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