Another Leg Up for JASO?

I played JA Solar (JASO) on December 14/15. I bought the breakout on a huge volume, sold one day later for a tidy profit. It may be forming a bull flag (a continuation pattern after a sharp movement), and getting ready for another move up.

JASO's chart is rather messy, but short-term, as you see, the resistance was around $4.90. That's where it turned back on December 8. Then for three days it declined on a very low volume. I was watching to see if it breaks out on a large volume, and sure it did on December 14.



I continued watching to see how it behaved after the breakout, and I decided I liked what I saw, a bull flag. So I bought it again, with initial target around $7.50. There is a very thin zone between $7 and $9, so it could run up to $9 in a relatively short time. The point and figure chart of JASO shows the target at $10.75. But it all depends, I think, on how the general market is going to act. (At the moment, I continue to think Dow and S&P will follow Nasdaq's lead and go up to 61.8% Fibonacci retracement.)

This is nothing fundamental, just technical. I don't even like solar stocks as a sector (I don't quite believe in a private sector that constantly needs public subsidies). But a trade is a trade, and it's a good one that makes money.