lytman02's  Instablog

JG Summit Holdings or JGS in the Philippine Stock Exchange for a while had moved past its previous high at PHP 27.50. However, sellers are quick to bring it back towards PHP 27.00. Nonetheless, things still look rosy for JGS at least from a technical perspective at this point in time.

2011 is a positive year so far for JGS as it has been able to push its price up from PHP 19.58 during the start of January to a high of PHP 28.30 couple of days ago. Still, it appears that it has some more leg to move higher given its present technical set-up. As you can see from its daily chart above, JGS has formed an inverted head and shoulders continuation pattern. A successful break above this pattern’s neckline could send it to its minimum target price of PHP 35.00 (gauged by projecting the height of the formation from the possible breakout point. Last week, though, it attempted to move past the PHP 27.50 high but it was not able to stay above it for so long. The question now is, will we see such another attempt? Possible.

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Another John Gokongwei – led company, namely Universal Robina Corporation or URC in the Philippine Stock Exchange has been making some headway these past couple of days. Now, will it be able to regain its form and regain its previous high that it had back in 2010?

As you can see from its daily chart above, the shares of URC have been on snooze mode since the start of December 2010. However, it appears that this sleeping giant will once again crawl back in the trading scene. You see, URC has been consolidating within a cup and handle pattern for almost 5 months now. Just last Friday, though, it seems that it has already broken above the pattern’s neckline. Or did it really do so? Well, while it looks that it did move past the neckline, there was no significant volume to support the move. Given this and the apparent resistance at the nearby PHP 40.00 level, URC could still face some selling pressure at present levels. But if it manages to move past PHP 40.00 and its volume surges as well, then there’s a big chance that it could once again aim for PHP 45.00 or even higher. A failure to do so, on the one hand, could place URC back in hibernation.

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Philex Mining Corporation (PX) was one of the main guys in today’s top gainers list with a significant amount of volume traded along with Lepanto Consolidated Mining Corporation (LC) and Manila Mining Corporation (MA). These 3 companies were suspended in the Philippine Stock Exchange yesterday because of the agreement for the exploration and joint development of the “Kalayaan” mining site but resumed trading a while ago. The PX stocks dipped by more than 3% in the first few minutes right after the suspension was lifted when weak hands exited. Fortunately, as the market came to an end, it recovered and even rose by 6.5% to PHP19.72.

Chart-wise, PX had awesome technical setups when it was still around PHP14.00 like the 7-month symmetrical triangle when it was still consolidating (kindly check here). At the same time, this happens to be the “handle” of the 1-year cup and handle pattern. Within a month, it flew. It formed a bullish pennant (kindly check here) then broke out once more all the way to its current price of PHP19.72. Since my PHP19.00 target price for the symmetrical triangle has been achieved earlier, our next target could be PHP23.00 which I got by adding the size of the “cup” to the breakout point. But before it reaches that level, it first needs to clear out the PHP20.00 all-time high where some selling pressure could be experienced. On the downside, the immediate support could be the 1-month uptrend. If that breaks, the next support could be the 7-month uptrend.

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