“ZK International Group Co., Ltd. to Form Joint Venture and Bid on Hydropower Project with Total Estimated Cost of 4.9 Billion RMB or $0.7 Billion”, according to a Nasdaq news.
(ZKIN) ZK International Group Co. today announced that it signed a letter of intent with Tuopeng Industrial. Together they would bid on a project that will be funded by the local government Chongqing, the largest city in western China. The project has a total estimated cost of USD 0.7 Billion and it is planned to build a Navigation and Hydropower Junction. In other words, the project is going to be huge and will include facilities such as electricity generation, water supply, flood and drought management, irrigation, fisheries, environmental services, and recreational activities. ZKIN will own 51% of the joint venture. And the great news is that ZKIN and Tuopeng Industrial have been negotiating with various levels of government. If approved, this project will have a significant positive impact on the company stock price and the company itself.
Technical outlook: On the weekly chart price created an “Inverse Head & Shoulders”. This means that the price is going to change direction and the chances are very high for a strong reversal. MACD keeps expanding and this is a good sign as it signals a higher volume of trading for upward movement. As I anticipated in my previous analysis price tested the high of the previous week and we made a nice 27.63% profit only on this trade. Now we can see that price is near the neckline again giving us again the possibility to buy again this wonderful stock.
Now we are in a better position. We have the technical analysis on our side and combined with strong news as well.
Did some deep research and discovered that the largest institutional invested of ZKIN is a hedge fund named Renaissance Technologies - one of the most highly respected and successful hedge funds in existence.
They bought around 400,000 shares of ZKIN in September. This hedge fund has $100 billion plus assets under management.
ChasmTools
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You forgot mention that one of the subsiderary companies are developing a Defi protocol. Should do well when the crypto market starts another bull run.
KlejdiCuni
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@ChasmTools, This gives added value to this stock. The combination is quite beautiful because the technical setup is supported by the fundamentals as well. So they are in a perfect line and now it's just a matter of time before the big upward movement. Thanks a lot for sharing.