XPENG -update

XPENG (9868) plunged last week and reached the HKD87.6 support that we talked about last week. It then craved a lower low before settling at HKD102.60 on Friday. With the latest price action, a close above HKD115.90 could trigger a near term rebound towards the HKD143 resistance. Bear in mind, price action as been creating lower lows and lower highs since Dec 2021, hence any rebound could be limited with traders are trading with the wind on their faces. Hence a close below HKD100 psychological support could provide short selling opportunity with a retest of HKD71.80 support or beyond.