JKS trade ideas
$JKS JinkoSolar Overextended - Bearish Options Activity$JKS JinkoSolar Holding Co. - RSI and volume trending down after a huge parabolic runup recently. Expecting a near term retrace sub-$50.
Keep a close eye on the 20d ema line on the hourly chart. This has held up as support this entire run. A break below this line will confirm the downward move is underway.
Recent Bearish Options Activity:
15k $55.00 strike (OTM) 10/16 puts traded last Friday (7x OI) for $2.4M in premium.
Near term target: $44-$48 range
Looking for a topJKS is now up over 137% since its last daily higher low. This straight up daily trend has gone on for almost an entire month now with the daily RSI at 90. We have built up 4hr and 1hr bearish divergence. Looking for an intermediate term pull back for days/weeks to set our daily higher low in the mid $30's. Price target was upgraded to $32 post earnings report. This blew past that and now time to digest the move.
JKS - time to take some profits?Since recommendation in November NYSE:JKS is +40%, and is now appraoching major resistance region. Therefore, it is wise to take some profits, with idea to reload after some period of consolidation.
Overall, chart is very constructive and healthy pullback with potential inverted H&S should build strength for much higher levels in the years to come.