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Kandi Technologies Group (
KNDI) is engaged in designing, developing, manufacturing and commercializing electrical vehicles, all-terrain vehicles, go-karts and specialized automobiles and related products for the People's Republic of China and global markets. This stock closed up 2.8% to $4.63 in Tuesday's trading session.
Tuesday's Range: $4.44-$4.85
52-Week Range: $3.08-$8.50
Tuesday's Volume: 1.37 million
Three-Month Average Volume: 2.31 million
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From a technical perspective, KNDI bounced modestly higher here right above its 200-day moving average of $4.34 with lighter-than-average volume. This bounce is also coming near some key near-term support levels at $4.40 to $4.12. If those support levels hold, then shares of KNDI could be ready to bounce sharply higher. Keep in mind that this stock has come down a lot over the last three months, with shares falling from its 52-week high at $8.50 to its recent low of $4.12.
Traders should now look for long-biased trades in KNDI as long as it's trending above its 200-day at $4.34 or above more support at $4.12 and then once it sustains a move or close above Tuesday's high of $4.85 with volume that hits near or above 2.31 million shares. If we get that move soon, then KNDI will set up to re-test or possibly take out its next major overhead resistance levels at its 50-day moving average of $5.14 to around $5.34 to $5.60.
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