JinkoSolar stock: The rise could soon continue

JinkoSolar shares have been on a downward trend since the high of $85.32 on December 23. This caused the price to fall below the 50-day line in February. The sell-off then continued until May 11. It was not until the level of $28.39 that the bulls were able to stop the downward movement and initiate a new rise.

It initially overcame the 50-day moving average and allowed the price to advance to a high of $47.10 by June 11. In the subsequent corrective move, the price was again pushed back below the 50-day moving average. However, the bulls quickly countered and allowed the price to advance to a high of $58.39 by June 29. Since then, a correction has again dominated the picture.

However, since it is taking the form of a bullish flag, buyers have a good chance of ending the consolidation soon and starting a new rise. Its first target is the June 29 high at $58.39. If it is overcome, the rise could continue to the February 16 high at $68.35.

However, if the JinkoSolar share fails to end the ongoing consolidation in the short term, a fall back to the high of June 11 at 47.10 U.S. dollars is to be expected. If it falls below it, the 50-day moving average at $41.92 is also likely to be retested. If it is abandoned, the share could slide to the low of June 25 at 36.71 U.S. dollars. Below that, the share price could drop to the low of April 13 at $34.45.