Kandi Technologies Forms Massive Breakout

Shares of Kandi Technologies (NASDAQ: KNDI) are trading higher on the session by some 15.10%, at $2.82. While shares shrugged off an initial gap higher this morning (turning negative in the process), they have seen exploded higher.

Most importantly, Kandi Technologies has now breeched the $2.61 resistance level, which was the previous week's high. Shares are now on a beeline toward the 200-day moving average, above $3.00. Beyond that, resistance comes into play at $3.20.

Note that Kandi Technologies has 4.83% short interest and a float of only 15.4 million shares.

Kandi Technologies, Corp. is engaged in the design, development, manufacturing, and commercializing of electrical vehicle, all-terrain vehicles, go-karts, and specialized automobile related products for the People's Republic of China and global export markets. Sales are made to dealers in Asia, North America, Europe and Australia.