XPeng Stock Pushes Toward Resistance On Higher EV Delivery Number

Xpeng Inc. XPEV shares are trading higher Monday after the company announced 10,138 vehicles were delivered in October 2021, a 233% year-over-year increase. 

XPeng is trading up 2.7% at $47.89 midday Monday. 

XPeng Daily Chart Analysis

• The stock has been trending higher toward a possible resistance level after breaking a lower high trendline where the stock found resistance.
• The $60 price level is somewhere the stock has found resistance in the past and it may continue to do so in the future. The $25 level is an area the stock has been able to bounce in the past, and it 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 moving sideways the past few days and sits at 70. This sits right on the overbought border where the stock is seeing much more buying pressure than selling pressure.

What’s Next For XPeng?

Bullish traders are looking to see the stock continue to rise and eventually go on to break above resistance. If the stock could hold above the $60 level and test it as support, it may be ready to see a further bullish push.

Bearish traders are looking to see the stock cool off and start to head back lower. Bears have a long term goal of seeing the stock push back toward the $25 level. A break and a hold below this level may let the stock see a strong drop further in the future.