- XPENG price is currently trading at $19.54.
- The XPENG share price indicates bullish sentiments.
Guangzhou Xiaopeng Automotive Technology (XPENG) was founded in 2014 by He Xiaopeng and Xia Heng. The CEO of XPENG is He Xiaopeng. XPENG is a Chinese electric vehicle producer and is one of the leading Electric Vehicle companies at present.
What leads to XPENG stock price fall?
XPENG stock price was seen falling on August 2, 2023, when the Vice President of XPENG Xinzhou Wu resigned, citing “personal and family reasons.” Subsequently, the Senior Director of XPENG assumed the position of Xinzhou Wu as Vice President of the company. This caused the company’s share price to fall by more than 7%
On August 2, 2023, Citigroup analyst Jeff Chung maintained a “sell” rating on XPENG, but made a significant upward revision to the price target.
Will XPENG Sustain Above the $18.29 and $17.94 Support Range?
In February 2023, XPENG experienced a heavy rejection from the $12.00 price level, leading to a decline to $7.74. Subsequently, the price fluctuated within a range between $12.00 and $7.47, forming a potential double bottom pattern between these two levels.
In June 2023, the price broke out above the $12.00 resistance level and confirmed the double bottom pattern. Following the breakout, the price entered a small consolidation zone, ranging from $13.65 to $15.10, forming a pole and flag pattern, which is typically a continuation pattern for a bullish trend. In July 2023, the price broke out of this consolidation zone, resulting in a rise to $23.72.
Currently, the price is at the $18.29 level, which is acting as a support level and has been sustained above this zone. If the price continues to hold above the $18.29 and $17.94 support levels, it indicates the market’s bullish sentiment, potentially leading to further upward movement towards the $34.70 resistance level.
However, if the price fails to sustain above these support levels, there could be a price decline towards the $15.10 and $12.00 support levels.
The 50 EMA (yellow line) crossed above the 200 EMA (red line), signaling that a bullish move is expected. If the price closes below both EMAs, a bearish move is anticipated. The RSI recently showed overbought conditions but is now at 59.77, indicating that buyers are still in power, supporting a bullish move. A drop below the 50 RSI level would suggest a potential bearish move.
The SuperTrend indicator currently signals bullish sentiments as the stock price is trading above the green line. This indicates a positive trend, with buyers in control.
Conclusion
The overall market structure of XPENG is bullish. All the Indicators mentioned above are currently indicating that a bullish momentum can be seen if the price sustains above the $18.29, $17.94, and $15.94 support levels.
Technical levels
Resistance levels:$34.70
Support levels: $18.29, $17.94 and $15.10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
