China Xiangtai Food (PLIN) Stock Is Soaring: Here’s Why

China Xiangtai Food PLIN Stock News

China Xiangtai Food Co Ltd (NASDAQ: PLIN) is running for the top in the market this morning. However, if you’re looking for press releases or SEC filings, you’re not going to find anything. Nothing has been shared by the company in some time. So, what’s the deal? The dramatic gains seem to be a purely technical move. 

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PLIN Stock Is Making a Dramatic Run for the Top

As mentioned above, China Xiangtai Food is making a run for the top in the market this morning, but the company hasn’t issued any news or filed anything with the SEC. So, what’s the deal? The run in PLIN stock seems to be a technical move. 

Throughout the year 2020, PLIN stock has seen dramatic declines. Nonetheless, recent technical indicators suggest that serious gains are ahead. The stock recently broke its 50 day moving average. With support now being set in place, positive movement is ahead. 

As a result, both technical traders, and trading programs that make moves based on algorithms are beginning to jump in. As this process continues, more gains and stronger volume will continue to produce signals that further growth is ahead. 

The Bottom Line

There may not be a fundamental reason for the gains we’re seeing in China Xiangtai Food. However, there doesn’t need to be. When technical indicators provide such strong buy signals, technical traders and algorithmic trading platforms will jump in head first. The result is strong volume and dramatic gains. To that end, congrats to all traders and algos that saw the run in PLIN stock coming. There could be plenty more room for gains ahead. 

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