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
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Note: This is NOT investment advice.
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Update: 20d ema line on the hourly chart continued to hold up as support today. Watch for a break below in the coming days. Overall volume continues to decline.
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Update: 20d ema line on the hourly chart continues to hold up as support. Still watching for a break in the coming days.
Have yet to pull the trigger on a short position. If this opens green tomorrow, look for $92 level to be a possible top, based on fib levels.
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Update: Huge red candle today when it finally broke. Down almost 22% on the day. Topped out just over $90 in morning trading. Will be interesting to see where it goes from here. If we get additional selling tomorrow, look for ~$57.50 to be a possible support target - at the 20d ema line on the daily chart.
We stalked this short for over a week to get the best entry. Patience pays.
What goes up, must come down...always. On to the next one.
I love how people continue to be wrong about this stock. JKS will see a run up to $70 tomorrow and to $75 by Friday.
Triple_Barrel_Capital
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@anthonytrading728, Must be nice to trade with such certainty. Good luck
SIFITIME
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@Triple_Barrel_Capital, It sure is; I have been following this stock for a very long time. As I noted...hasn't quite hit $70 as of yet, but it is trying. Glad I stayed with it and loaded up on my options.
abeyou
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@anthonytrading728, agree and good prediction!!
Triple_Barrel_Capital
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@anthonytrading728, Looks like I wasn't wrong. I said to wait for a break through the 20d on the 1H chart. That happened, and since its down another $15. Puts are raining money this week.