Bullish Triangle Breakout Alert: Kandi Technologies (KNDI)

Posted by | # |
10:12:08 am on September 1, 2011

There isn’t much to get excited about in the world of green stocks these days particularly in the China based plays, but there are a few (make that very few) promising setups out there.  While we wait for a bottom in the solar plays.. and wait.. and wait .. and… we continue to see bullish technical patterns in green stocks such as Westport Innovations (WPRT), Greenhunter Energy (GRH) and  GT Advanced Technologies (GTAT).  There is another bullish setup taking place in a stock that has been punished for many months now – Kandi Technologies (KNDI).

==> Click Here For Your FREE Daily Kandi Technologies Analysis

In a post on July 11th, I said the bottom was in on KNDI following news that the company had landed another deal to expand the use of electric cars in China.  I still believe that to be the case.  After a healthy and bullish consolidation, it appears the stock is ready to resume its move off the bottom with a breakout from a bullish triangle formation this morning.  Take a look at the chart below.


Notice the high volume surge in the first part of July, followed by the healthy consolidation along support of the 50 day moving average as the price band gets squeezed to a point.  That’s an indication of a stalemate between buyers and sellers with the resulting move acting like a spring out of consolidation.  We have that springboard move today from this bullish formation.  I’m looking for a move to at least the $3.60 level within a few weeks (25 – 30% move).

==> Click Here For Your FREE Daily Kandi Technologies Analysis

Disclaimer: I have no position in KNDI at this time, but considering a position before the end of the day today.

More on this topic (What's this?)
KNDI, ONTY, QPSA, SINO Among Charts to Watch
Kandi Technologies (KNDI) Revisited
ALU, KNDI, LEI, VRTX Among Charts to Watch
Kandi Technologies (KNDI): The Business
Read more on Kandi Technologies Corp at Wikinvest
Tags: ,
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.


I said the bottom was in on KNDI following news

Leave a comment