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- 1 Xpeng (NYSE: XPEV) price surged 12% (approx.) in the last week.
- 2 Xpeng stock price bounced back from the key moving average 50-EMA indicating the presence of buyers at the lower levels.
- 3 XPeng Inc. Company (NYSE: XPEV) delivered 13,690 vehicles in August, up 43% YOY.
Xpeng Inc. (XPEV stock) price surged 5% (approx.) in intraday on Friday gaining a total of 12% of its market capitalization to close at $18.71 on NYSE. The company reported that it plans to speed up development and unlock more advanced intelligent driving features in the second half of the year.
The daily chart shows that the Xpeng stock consolidated for 6 months (November 2022- June 2023) in a range of $7.5 to $12.5. The 6 months consolidation came to an end in July 2023 as the stock made a breakout.
The breakout was supported by a massive volume which took the price from $12 to $23.6 attaining a 100% return to the portfolio of the investors by the end of July 2023.
However, the short-term gain led to a profit booking among the investors, and the stock declined followed by a consolidation above the key moving average of 50 EMA.
Xpeng Inc. company reported quarterly results on Friday, 18 August post which the stock price again showed bullishness and closed with an intraday gain of nearly 5% on Friday.
The Analysts offering a 1-year price forecast for Xpeng Inc. have a max estimate of $28.12 and a minimum estimate of $2.31. Xpeng Inc. engages in the design, development, and manufacture of smart electric vehicles. The company claims to manufacture environmentally friendly vehicles.
XPEV stock option-chain analysis states that the current implied volatility in the market is 69.40% with an increment of 0.03% in the last trading session. The nearest resistance of $20 has an OI of 2379 open contracts on the CALL side and 859 open contracts on the PUT side indicating that the sellers are in domination at the resistance which indicates that the price may possibly halt before breaking above or reverse to lower levels.
XPEV Stock Price Gaining Momentum After The Quarterly Results
The XPEV stock price currently trades at $18.71 and gaining momentum after taking a rebound from the 50 EMA post the results.
The nearest resistance for the price is $20. Analysts are bullish on the price trend if the stock manages to break above $20. Currently, the stock is showing consolidation near the resistance possibly gaining enough buyers to surpass the $20 level.
The breakout may hike the price to break above the previous 4-week high. The analysts have a bullish view of up to $28.
The recent support in the lower side is 50 EMA the breakdown of which may allow the sellers to enter the market and drag the price down to the higher Moving average of 200 EMA.
The EMAs Showing A Golden Crossover On the Daily Chart
The daily XPEV stock price chart shows that the price took support from the 50 EMA and surged higher indicating the dominance of byers in the market. Currently, the overall Technical Opinion rating including RSI and MACD is signaling a 90% buy with the strengthening short-term outlook on maintaining the current direction.
Conclusion
Xpeng Inc. is a smart electric vehicle maker that reported strong quarterly results on Friday, 18 August. The stock price rose by 5% on Friday to close at $18.71 on NYSE. The stock has been in an uptrend since July 2023, breaking out of a 6-month consolidation. The stock is now consolidating near the resistance of $20, which if broken, may lead to further upside up to $28. The stock is supported by the 50 EMA, which if breached, may trigger selling pressure down to the 200 EMA.
Technical Levels
- Support levels: $15.01 and $12.34.
- Resistance levels: $19.97 and $23.06.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
