JinkoSolar (JKS) Looks Primed to Continue Its Rise

11/29/2010 11:05 am EST


Scott Redler

Chief Strategic Officer, T3 Trading Group

JinkoSolar Holding Co., Ltd. (JKS) operates as a solar energy company that makes mono-crystalline and multi-crystalline silicon wafers. The stock just peaked in early November above $40 alongside 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 few 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.

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By Scott Redler, trader, T3Live.com
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