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CBAK Energy Shares Gapped 208% Today, Here’s Why

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Simon Mugo

Shares of CBAK Energy Technology Inc (NASDAQ: CBAT) today surged 208% premarket driven by the wave of buying in the electric vehicle and renewable energy sector that has dominated most fo this week.

CBAK Energy’s subsidiary that manufactures batteries recently won a contract with Haier, which automatically grew its business in the smart home sector. CBAK Battery is going to help Haier build the Intelligent manufacturing information system, produce more favourable home appliance by consumers and the products fit their lifestyle better.

The stock’s rally is the true definition of a rising tide lifting all boats as investors chase the stratospheric gains witnessed in SPI Energy earlier this week.

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Traders who got in early could have bagged triple-digit profits but must be careful not to be left holding the bag when the tide shifts and the stock gives up most of its recent gains.

CBAK Energy shares were up 54% during yesterday’s session.

CBAK Energy share price

Tradingview chart of CBAK Energy share price 25092020

CBAK Energy shares today surged 208% premarket to trade at $4.16 having ended Thursday’s session trading at $1.35.

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Simon Mugo
Simon Mugo
Contributor

Simon ist Autor und Analyst für den Bereich Finanzwesen und blickt auf über sechs Jahre professionelle Erfahrung als Trader zurück. Er absolvierte einen Bachelor in Mathematik und Informatik und hat eine Leidenschaft für die Finanzmärkte. Simon handelt FX, Rohstoffe und Aktien. Er konzentriert sich auf Price Action Trading.