Xpeng Stock Pushes Higher Toward Resistance Level: What's Next?

Xpeng Inc. XPEV shares rallied Monday, The company at its Tech Day event unveiled upgraded semi-autonomous driving features.

EV stocks are also trading higher following Tesla Inc's TSLA deal with Hertz.

XPeng shares gained 11.47% in Monday's session, closing at $48.09.

Xpeng Daily Chart Analysis

• The stock recently broke above a lower high trendline and is now nearing resistance in a longer term sideways channel.
• The $60 price level is somewhere the stock has struggled to cross above in the past, and may continue to hold as resistance in the future. The $25 level is an area where the stock has been able to find support at in the past and may again in the future.
• The stock is trading above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the sentiment in the stock has been bullish.
• Each of these moving averages may hold as a possible area of support in the future.
• The Relative Strength Index (RSI) has been flying higher the past few days and now sits at 76. This RSI is well into the overbought area and shows that currently there are many more buyers in the stock than there are sellers.

See Also: Why Xpeng Shares Are Rising

What’s Next For XPeng?

Bullish traders want to see the stock continue to push higher and form higher lows up to the resistance level. Bulls are then looking for a cross above the $60 level and for the stock to hold above this level, possibly retesting the area as support. This could hint the stock is ready to see further upward movements in the future.

Bearish traders are looking to see the stock fall back down below the lower high trendline that acted as an area of resistance on the chart. Bears are then looking to see the stock drop below the $25 level and begin to hold it as resistance for the stock to possibly continue lower.