($ZKIN) ZK International Group Co. today announced that it signed a letter of intent with Tuopeng Industrial. Together they would bid on a project that will be funded by the local government Chongqing, the largest city in western China. The project has a total estimated cost of USD 0.7 Billion and it is planned to build a Navigation and Hydropower Junction. In other words, the project is going to be huge and will include facilities such as electricity generation, water supply, flood and drought management, irrigation, fisheries, environmental services, and recreational activities. $ZKIN will own 51% of the joint venture . And the great news is that $ZKIN and Tuopeng Industrial have been negotiating with various levels of government. If approved, this project will have a significant positive impact on the company stock price and the company itself.
On the weekly chart price created an “Inverse Head & Shoulders”. This means that the price is going to change direction and the chances are very high for a strong reversal. keeps expanding and this is a good sign as it signals a higher of trading for upward movement.
As I anticipated in my previous analysis price tested the high of the previous week and we made a nice 27.63% profit only on this trade. Now we can see that price is near the neckline again giving us again the possibility to buy again this wonderful stock.
Now we are in a better position. We have the on our side and combined with strong news as well.
Thank you and Good Luck!
They bought around 400,000 shares of ZKIN in September. This hedge fund has $100 billion plus assets under management.