XPEV/N trade ideas
XPENG got punished It is pretty obvious for me that Xpeng, in absence of positive news will down to the support line 39/40, because it had a way too high speculative up trend. it has lost about 50% of gain now.
Now with all those FOMO trapped, one can only wait till new willing buyers coming in to push it higher, given few want to sell their shares.
$XPEV Xpeng Inc Potential For Relief Rally 🚗🚗
Potential Reversal, dead cat bounce trade in XPEV.
Downtrend broken and indicators looked to have bottomed on daily.
The 0.382 Fibonacci level would be a great target to hit and will
test the strength of the Bulls conviction.
The Daily 20ma sits at approx $52.35 which will also be resistance.
Sellers will be waiting to get out so caution needed.
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NIO Waiting GameNIO showed it was holding levels on this lower Fibonacci level. We really want to see a reversal but ideally a break above 49.12 and a confirm retracement and bullish signals to get back into NIO. Some will be tempted to get back in early, I say, don't be greedy, wait for high probability.