The JinkoSolar (NYSE:JKS) stock continued the strong downward movement on Thursday. At some points the share price lost more than 15 percent in this trading week. But we are getting close to the point of no return.
The JinkoSolar share is close to a technical chart support area at $55. In the next few days it will therefore be exciting to see whether the stock can bounce off this zone again. Meanwhile, the price has been moving in a range between $55-65 since the correction at the end of October.
The corrective move was preceded by a new all-time high in October. The share price rocketed at the beginning of September. Between the beginning of September and the ATH, the share price had more than quadrupled.
As a result, some investors took advantage of this surge for profit-taking. But there were also other technical chart factors that favored the correction movement. During the all-time high, the price had run away from a number of price indicators immensely. The distance to the short-term 38-day line was more than 130%!
Although there is currently a lack of momentum for an upward move, the support area has held up so far. Furthermore, the overall market perspective is brightening thanks to falling solar costs and political efforts to reduce CO2 emissions.
But The Bill that could delist Chinese stocks from Nasdaq and NYSE is putting the weight on JKS and the company.
JKS shares currently boast 6 analyst assessments. It receives 2 ‘Buy’ and 1 ‘Hold’ ratings. There are also 3 ‘sell’ ratings. Meanwhile, the average target price is $38.70. The price targets range from $14.00- $63.00 The highest price target roughly corresponds to the current price level.
JinkoSolar Holding Company should report latest quarterly financial earnings on 12/07/2020 before the opening bell. This may explain the low volume that we are seeing this week. On Thursday only 2 million shares traded, which is 50% lower than average number. Investors are waiting for the report and outlook for Q1 2021.