Long at $56 Support

XPEV

Xpeng has been on a retracement path towards a potential support at $56.
If price reaches near $56 and forms a good rejection, price would start taking off towards $80.
In order for Xpeng to grow, price needs to fall back down and $56 would be a good price for Xpeng to fall back on.
Furthermore, if NIO were to close the gap with Xpeng, more investors would be hopping on the bandwagon.