Trade of the Day -Xpeng Inc. (NYSE: XPEV) March 22, 2023 306
Trade of the Day
Xpeng Inc. (NYSE: XPEV)
(Current Price: US$9.91) – TECHNICAL BUY
Buy price: US$9.91 Stop loss: US$8.90 Take profit: US$12.90
The price has broken out of a bullish descending wedge on 21st March. The price could continue its recent bullish momentum to retest the resistance level at US$12.90, confluent with a swing high formed in December last year, when calculating the target level for the wedge breakout by taking the height of wedge (US$3.43) and projecting onto the breakdown point at US$9.50.
Expected timeline of the trade is 2-4 weeks from the date of report issuance.
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Zane Aw
Technical Analyst
PSR
I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).