- November 6, 2020
- Posted by: virtualxstore
- Category: trading
First, the is looking impressive! We have two open gaps here: One Breakaway Gap, which defeated the black line at $ 23.10 (previous top/resistance), and another gap, which we still don’t know its type.
If it is an Exhaustion Gap, it’ll be filled quickly, and probably XPEV will hit the 21 in the next few days. If it is a Common or a Runaway Gap, it won’t be filled so soon, and the bull trend will continue. Either way, we’ll have our answer next week.
Now, let’s take a look at the hourly chart:
We have 3 gaps in the hourly chart, but I find it very hard to believe XPEV will drop below the $ 20 again. The trend is clearly , but the chart is too stretched, as it didn’t even touch the 21 at any moment.
There are no signs that the trend will reverse, but a pullback is desirable. I would look for a bearish pivot in the hourly chart or wait to see if the DCC pattern is going to be triggered in the .
Also, we have two pivot points here: The black line and the red line. I find it very hard for XPEV to defeat the black line now, and I would keep an eye on the red line, because if XPEV loses it, the bull trend will start to look weaker.
These are the most important points to keep in mind, and if this idea helped you, please, support it! And follow me to keep in touch with my daily analyses!
Have a great weekend.