Jinko Solar.....Tanking fuel?Hello Traders,
Jinko Solar (Ticker: JKS), a company producing Solar panels and more for the Solar industry, is moving sideways since it's high @ USD 90.20 in October 2020!
I have labeled this high as waves (A) of Intermediate degree, what stays in contrast to the labels before, which are impulsive. Please take an eye to the corrective labels since waves (A) high at the chart, `cause I am not sure to label impulsive versus corrective. I just want to show you the opportunities!
So, back to the wave (A).
If this was a fact (you always can count a wave a as a wave 1 when it moved in 5 waves), the sideways action since is just the consequence of the steep rise from 11.32 and this behavior is confirming trend.
So, overall to speak. Price have nearly met the upper trend line this week and is in a „pullback“ since. A break of this line and the level of USD 70.37 would create a new buy-trigger and open the door to 76.30-76.46 and above to the ATH @ 90.20 USD!
On the other hand!
A „failed“ break of the upper line can open the door to a correction down to the lower line @ USD 35,xx range and create a triangle, with waves (e) to follow! This week's high @ USD68.85 was a waves (d).
While Jinko Solar is a Chinese stock, the impact of a political discussion could have an enormous outcome, but with US President Biden to have spoken this week, it can give some „fuel“ to the stock price and development in the coming weeks.
So, always act with patient in this kind of stocks!
Have a great weekend.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
The editor is invested in this stock!
