The leading solar stocks have come under some selling pressure recently. This industry group has been a big winner in 2020, but is now seeing distribution. JinkoSolar Holding Co Ltd (JKS) was a high flyer that actually peaked out in October 2020 at $90.20 a share. Since that high pivot, the shares have declined sharply and currently trade around $44.30 a share. The stock has been defended around it’s 50-week moving average, but the pattern suggests that it should ultimately trade lower in the near term.
The next major support level for JinkoSolar Holding Co Ltd (JKS) stock will be around the $30.00 area. This is where the 100-week moving average is located, so this should be decent support when tested. The $30.00 level is also where the stock broke out in September 2020 before surging to it’s all time high. Often, when stocks test their prior breakout levels they will serve as excellent support.
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