Take a look at Li Auto (LI) again.
After a slight pullback from triple top resistance, the stock appears to have caught support, and is starting to pivot higher. All as the electric vehicle boom accelerates. From a current price of $30.64, we’d like to see LI challenge and break out from resistance around $35. If it can, Li Auto could potentially test a prior 2020 high of $47.50.
The company also just announced it delivered 7640 Li ONEs in October, an increase of 107.2% year over year. Year to date, deliveries are up to 62,919. Fueling upside, Citi analyst Jeff Chung just raised the firm’s target to $200 from $165 with a buy rating. The analyst says, “China electric vehicle makers will gain market share in 2022 and 2023 and outperform in the “intensified race” to attain the best autonomous driving technology,” as quoted by The Fly.