XPENG -update

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XPENG (9868) plunged and hit first downside objective HKD103.4, as anticipated last week. As price action showing lower lows and lower highs since January 2022, EMA10-EMA20 and MACD showing bearish crossovers, there is a possibility of Xpeng reaching HKD87.6 support. This level is Fibonacci Extension 1.618 levels, derived from high of HKD161.8 and low of HKD115.9. In contrasts, a daily close above HKD143 provide short term relief rally with upside resistance seen at HKD161.8 and HKD177.3.

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