JinkoSolar Holding Co., Ltd. (NYSE:JKS) operates as a solar energy company which makes mono-crystalline and multi-crystalline silicon wafers. The stock just peaked in early November above 40 with the rest of the solar group. Wire houses did a botched up secondary for the “preferred clients” at 36, which added to the intensity of the down move.
Over the last five trading days the stock has put in a lower consolidation, and I believe it’s ready to bounce. I’m in tier one long here from around 26 and added tier two through $26.20-26.40. The first technical target on the trade is $28-$28.50, then ultimately it could get to $30.50-31.50. The stop loss is 25.
*Disclosure: Long JKS
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