Buy at the bottom of triangles
Updated
CBAK is a leading lithium-ion battery manufacturer and electric energy solution provider that became the first lithium battery manufacturer in China to be listed on the Nasdaq Stock Market in 2006.
It is in a tailwind industry with several positive partnerships.
en.prnasia.com/releases/global/cbak-energy-partners-with-jac-motors-to-jointly-develop-new-battery-cells-305241.shtml
en.prnasia.com/releases/global/cbak-energy-partners-with-chengdu-raja-to-jointly-develop-battery-swapping-project-and-ups-project-306670.shtml
en.prnasia.com/releases/global/cbak-energy-partners-with-jac-motors-to-jointly-develop-new-battery-cells-305241.shtml
CBAK has also recently closed a 70m offering in Feb 10 so it's unlikely to see another offering soon.
The technicals are looking good with several visible triangles, expecting it breakout on the upside. The company also seems to have fairly good potential overall. If it can also break the November high then we could be seeing a massive run to $15~18.
It is in a tailwind industry with several positive partnerships.
en.prnasia.com/releases/global/cbak-energy-partners-with-jac-motors-to-jointly-develop-new-battery-cells-305241.shtml
en.prnasia.com/releases/global/cbak-energy-partners-with-chengdu-raja-to-jointly-develop-battery-swapping-project-and-ups-project-306670.shtml
en.prnasia.com/releases/global/cbak-energy-partners-with-jac-motors-to-jointly-develop-new-battery-cells-305241.shtml
CBAK has also recently closed a 70m offering in Feb 10 so it's unlikely to see another offering soon.
The technicals are looking good with several visible triangles, expecting it breakout on the upside. The company also seems to have fairly good potential overall. If it can also break the November high then we could be seeing a massive run to $15~18.
Note
Entered at 7.30 but will take a loss on this and close out today at 7.xx as the technical setup doesn't hold anymoreTrade closed manually
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