PPR - JinkoSolar Ltd. (JKS) Flashes Pocket Pivot Buy Point
JinkoSolar Ltd. (JKS) has been a very powerful performer since it broke out from its "IPO base" in early July, as the daily chart below shows. JKS's rapid price advance is not a function of speculative fervor, in our view, as the fundamentals for the stock are very strong and quite impressive. Keep in mind that JKS sells at 8 times forward estimates, and in the most recent quarter logged earnings growth of 1,594% on $1.38 in earnings per share according to data provided by HighGrowthStock Investor (www.highgrowthstock.com). This pocket pivot occurs as the stock is in a type of "ascending flag" formation, and is buyable with the idea that it should hold the 10-day moving average. We would simply keep a 7-8% stop on this position.
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