Tuesday, November 24, 2020 1:22 PM EDT
Shares of Xpeng Inc (XPEV) are falling today after a meteoric rise over the last three weeks. XPEV broke-out in early November above $20/share. The stock hit a high today of $74.49 before pulling back. This stock has become a momentum name, there is no reason for the mega move higher on the technical chart or a fundamental basis.
Based on the high pivot today, we can calculate out Xpeng electric car maker short target. Using Fibonacci, a 50% retrace would be $48.00. In addition, there is a major support/pivot area there. This gives short traders a great price target when the air comes out of the insane move.
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