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A Trader's Best Friend
from January 2023
A specific price action alerts active traders to an opportunity to exploit a doji's mojo
By Stephen W. Bigalow
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X Peng (XPEV), an electric vehicle manufacturer in China, had a candlestick best friend breakout move Nov. 30 after reporting healthy third quarter earnings and providing strong guidance for the fourth quarter.
Sales grew 19.3% in the third quarter for the company, which controls an 8% share of China’s passenger electric vehicle market. Production is projected to double from 100,000 vehicles in 2022 to 200,000 this year.
To handle that growth and prepare for more, XPeng is building two more plants to take capacity to 400,000.
The company’s technology leadership has positioned it to accommodate China’s aggressive electric vehicle mandates.
The earnings report activated brokerage upgrades to $18-$20. The best friend candlestick signal indicates strong investor sentiment that usually produces a sustained uptrend.
