XPeng Stock Breaks Resistance: What's Next?

XPeng Inc. XPEV shares were moving Thursday after the company announced it delivered a record number of cars in June. The company delivered 6,565 vehicles in June, up from 5,686 vehicles in May.

In the second quarter, the company delivered almost 17,400 vehicles, up from 13,300 in the first quarter.

XPeng was down 2.34% at $43.39 at last check. 

XPeng Daily Chart Analysis

• Shares have been trading in a sideways channel and look to have recently crossed above a key level.
• The stock is trading above both the 50-day moving average (green), and the 200-day moving average (blue), indicating sentiment in the stock is likely turning bullish..
• Each of these moving averages may hold as a possible area of support in the future.

Key XPeng Levels To Watch

• The stock has been trading in a sideways channel and looked to have recently crossed and held above the $40 resistance.
• If the stock continues to rise, it may find more strong resistance near the $60 level.
• If the $40 level is unable to hold, the stock may fall until it reaches the $25 level and possibly finds a strong support.

What’s Next For XPeng?

Bulls would like to see the stock continue to build higher lows and work its way up to the $60 level. 

Bearish traders would like to see the stock break back below the $40 level. Bears would like to see the stock continue to fall down to the $25 mark. If the stock is able to fall below the $25 mark, it could see further downward moves.

Photo: courtesy of XPeng.