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JG Summit Holdings Primed To Move Higher?

May 17, 2011 9:47 PM ET
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Seeking Alpha Analyst Since 2010

Ron Acoba is the co-founder and managing partner of LaidTrades.com. He has been involved in the financial market since 2002. Technical analysis is his main tool in forecasting price action of equities and forex but he is also versed in fundamentals and financial analysis. He has an MBA degree from the University of the Philippines. Presently, he is also pursuing a CFA and a CMT charter.
JG summit holdings, JGS philippine stocks, john gokongwei, ron acoba, aldrich sevilla, inverted head and shoulders continuation, daily stock picks, stock market trading

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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