Kandi Technologies Group Inc (NASDAQ:KNDI) Trading Outlook
There is a premarket move higher but it is hard to buy this one on the technicals, but I can say the same of TESLA, actually KNDI is outperforming TSLA
Kandi and Geely Automobile Holdings Ltd.) achieved strong sales results in pure electric vehicles (“EVs”) in the second quarter ended June 30, 2016 and expects to exceed its previously announced sales forecast of 5,500 to 6,000 EV products by approximately 10%.
Candlesticks and Technicals say KNDI will struggle, Momentum rates the stock a buy.
The upside looks to be $12ish if the stock can set a new range.
KANDI TECH GRP closed down -0.050 at 7.000. Volume was 94% below average (consolidating) and Bollinger Bands were 43% narrower than normal.
Open High Low Close Volume___
7.060 7.090 6.880 7.000 23,916
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 6.98 6.90 8.00
Volatility: 49 50 80
Volume: 209,325 284,208 490,599
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
KANDI TECH GRP is currently 12.5% below its 200-period moving average and is in an downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of KNDI.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on KNDI.O and have had this outlook for the last 4 periods.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 7 white candles and 2 black candles for a net of 5 white candles. During the past 50 bars, there have been 29 white candles and 19 black candles for a net of 10 white candles.
An engulfing bearish line occurred (where a black candle’s real body completely contains the previous white candle’s real body). The engulfing bearish pattern is bearish during an uptrend. It then signifies that the momentum may be shifting from the bulls to the bears.
If the engulfing bearish pattern occurs during a downtrend (which appears to be the case with KANDI TECH GRP), it may be a last engulfing bottom which indicates a bullish reversal. The test to see if this is the case is if the next candle closes above the bottom the current (black) candle’s real body.
Momentum favors a buy
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 59.9257. This is not an overbought or oversold reading. The last signal was a buy 2 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 50.91. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 40 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 37. This is not a topping or bottoming area. The last signal was a buy 9 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 2 period(s) ago.