๐๐๐ It was definitely a jackpot week for Chinese EV stocks holders, especially for XPEV and NIO. Now, we are curious whether these EV stocks will continue their uptrend momentum or will experience a healthy pullback this week.
Well, I have a mix predictions for different EV stocks.
Let's start with the leader, $Tesla Motors(TSLA)$ , it didn't have a superb movement last week after earnings.
Ascending Triangle Pattern
The stock had a healthy pullback and formed an ascending triangle pattern. Next week, it will probably breakout and if this valid, it will be another technical entry point. Let's monitor.
Another stock with similar candlestick pattern will be $Rivian Automotive, Inc.(RIVN)$ . Therefore, I had a similar bullish view on it.
Ascending Triangle Pattern
For Chinese EV trio, let's start with the top gainer last week, XPEV! I am $XPeng Inc.(XPEV)$ in short term as the spike is over 50% in a single week, many investors will start to lock short term profit. See money take money is always correct. But the craziness might continue again. I am short term bearish as the stock has reached its weekly chart resistance around 23-24 USD, so a pullback is highly possible.
XPEV weekly chart
On the other hand, LI showed a humble breakout in its weekly chart last Friday. It will probably come back to retest this support level before continue to trend higher. $Li Auto(LI)$
LI weekly chart
Last but not least, the second top winners of the week, NIO! I agree that the company sales is not doing as good as the rest. But following XPEV good news with VW, investors include me are eyeing for a similar thing to happen in $NIO Inc.(NIO)$ , which may send the stock to the moon. [Chuckle] [Chuckle] [Chuckle] In addition, the stock price starts to stand above the ema200 line, which ia a strong trend reversal signal.
NIO daily chart
How do you see the EV short term trend for next week? Kindly leave your comments below and make the discussion fruitful! [Bless]
@CaptainTiger @MillionaireTiger @Daily_Discussion @TigerStars
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Comments
In July, there was a strong demand for the stock, which led to a period of consolidation. Following this consolidation phase, there was a breakout above the level of 27. This breakout indicates a potential continuation of the upward movement and may suggest further buying interest in the stock.
I canโt see these stocks going anywhere, tech only will expand, and even if tech stocks crash, these stocks seem to be able to extend beyond just โtechโ.
ATH for LI. If the report is positive in August. LI will get even higher and most likely so.
XPEV is trending up. It is Chinese in the biggest EV market on the planet. BUY
Xpev is now up 61% in just 5 days! How amazing is this! buy nowโบ