JinkoSolar May Be Attempting a BreakoutJinkoSolar has shuffled in a range for more than a year, but now the Chinese PV stock may be attempting a breakout.
Notice how JKS closed above its November high on Monday and Tuesday. The result? A new 52-week high at a time when the S&P 500 is still 14 percent below its high.
Second, the 50-day simple moving average (SMA) recently rose above the 200-day SMA. Such a “golden cross” can potentially signify the longer-term trend is turning bullish.
Third, MACD has been steadily rising for the last three weeks.
Finally, the weekly chart above shows the big surge in September 2020 after management boosted manufacturing capacity. The stock retraced almost all the move to retest and hold its pre-pandemic high. It then proceeded to make an incrementally higher low in February and has been climbing since.
Bollinger Band Width also narrowed. This is important because dramatic moves like late 2020 often need to be digested. The tighter bands may suggest this has happened. Traders waiting for the stock to move again could start to get active.
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