XPENG

XPENG (9868) price action favors the short sellers. This because EMA10-EMA20 and MACD showing deadly crosses, a bearish sign. In addition, it also forms higher highs and higher lows since Dec 2021. Hence it is likely to further extend its downtrend and present short selling opportunities once HKD115.9 level broke thru. First downside objective is HKD103.4 while second downside objective is HKD87.6. Both levels are Fibonacci Extension 1.272 and 1.618 levels respectively, 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.