Solar Energy Stock Looks Poised for Massive Bounce

Year-over-year, JKS enjoys a more than 52% lead

Digital Content Manager
Jun 21, 2022 at 2:42 PM
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JinkoSolar Holding Co., Ltd  (NYSE:JKS) is up 11.7% to trade at $62.64 at last check, amid some broader-market tailwinds. After hitting a June 6, annual high of $68.85, the shares pulled all the way back to the $52 area, which coincides with a historically bullish trendline that may push the alternative energy stock higher in the coming months -- thus adding to its 52% year-over-year lead.

According to Schaeffer's Senior Quantitative Analyst Rocky White's latest study, JKS is within one standard deviation of its 60-day moving average. The security has seen six similar signals over the past three years, and was higher one month later 50% of the time, averaging a 19.3% gain for that period. A comparable move from JKS' current perch would place it over the $74 mark for the very first time since January 2021.

JKS 60 Day

Short sellers have already started to hit the exits, but there is plenty of pessimism left to be unwound, which could push the shares higher still. Short interest is down 14.6% in the last two reporting periods, yet the 3.10 million shares sold short still make up 7% of JinkoSolar stock's available float. 

A sentiment shift in the options pits could also benefit the security. This per the stock's Schaeffer's put/call open interest ratio (SOIR) of 1, which ranks higher than 79% of all annual readings. In other words, short-term options traders are incredibly put-biased right now. 

 

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