Showing signs of strength, ready for the next bull run?
XPEV one of the top 3 Chinese EV companies has shown a relatively good strength during the past 3 weeks where the growth and small cap stocks got beaten enormously. The recent decline from nearly $48 to about $37 (38.2% Fibo retracement) may be a wave 2 (1st corective wave) and if so, the next wave will be the string wave 3 to at least $78 area where it will take its ATH at $74.49.It is possible that wave 2 is not complete yet and we may see another leg down before taking off hard to make new highs as the 3rd impulsive wave.
There are 24 days left to the next earning report and it is expected the report reflects a more than impressive performance as we have seen for the past reports in 2020 and 2021. There is no doubt that the EV companies will grow substantially especially in the coming few years as the mass adoption is accelerating more than expected and
XPEV is one of the promising ones. This is not financial advice, DYODD before investing!
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