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XPeng Inc. Sponsored ADR (XPEV) Crossed Above the 50-Day Moving Average: What That Means for Investors
After reaching an important support level, XPeng Inc. Sponsored ADR (XPEV - Free Report) could be a good stock pick from a technical perspective. XPEV surpassed resistance at the 50-day moving average, suggesting a short-term bullish trend.
The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.
Over the past four weeks, XPEV has gained 14%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.
Looking at XPEV's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 2 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on XPEV for more gains in the near future.