Chinese stocks are gapping higher this morning and unlike U.S tech stocks so far are holding those gains.
The China re-opening, post stringent Covid lockdowns appears like it will stick this time and that’s good for Chinese names. XPeng Inc (NYSE:XPEV) reported vehicle deliveries for December of 11,292 vehicles representing a 94% increase over November. Unlike TSLA which disappointed, XPeng Inc (NYSE:XPEV) surprised positively. XPEV is currently trading at 10.145USD with a gain of $0.205 (2.06%).
Technically, XPEV is making a nice flag pattern. It’s consolidating nicely with a higher low and given how much it sold off in 2022 has significant bounce potential.