ZK International Group Co., Ltd. (ZKIN)
Entry Price/Stop Price/Target Price: 11.03/ 5.73/ 12.70.
Time Frame: 2-3 Weeks.
Description
ZK International Group Co., Ltd. is a stainless-steel goods maker and engineer. Steel strip, light gauge stainless steel pipe, pipe connections and fittings, pipe fittings to change pipe direction, pipe fittings to connect two or more pipes, pipe fittings to change pipe size, and pipe fitting tools are among the company's products. Its main markets are China, Europe, and Southeast Asia.
Thesis
A pretty unknown stock has made over 600% gains from $2 per share, as now it's being traded to almost $12 per share. The spike came about when the company announced it has currently gotten into NFT's recently as it's connected with blockchain. I believe the market is still pricing this information so we should be seeing more up moves for a quick short-term profit.
Technical Analysis
The price has broken its resistance of $11 and turned it to support. Will be looking for a quick consolidation for more upsides move. The recent price action has also created an ascending channel which is likely to keep going up, there is a possibility that price can fall slightly to $8.00 without impacting the overall uptrend and the 50-day exponential moving is located above this price. The MACD lines recently crossed over indicating a bull signal for the stock, the RSI indicates an overbought stock, but nothing out of the ordinary.
