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XPeng Inc. Sponsored ADR (XPEV) Recently Broke Out Above the 50-Day Moving Average
From a technical perspective, XPeng Inc. Sponsored ADR (XPEV - Free Report) is looking like an interesting pick, as it just reached a key level of support. XPEV recently overtook the 50-day moving average, and this suggests a short-term bullish trend.
The 50-day simple moving average, which is one of three major moving averages, is widely used by traders and analysts to establish support and resistance levels for a range of securities. Because it's the first sign of an up or down trend, the 50-day is considered to be more important.
XPEV has rallied 6.6% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests XPEV could be on the verge of another move higher.
Looking at XPEV's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 1 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.