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JG Summit Holdings (JGS) To Knock Out Its All-Time High!

ByRon Acoba
Published 05/10/2011, 01:56 AM
Updated 07/09/2023, 06:32 AM

JG Summit Holdings, Inc or JGS in the Philippine Stock Exchange could be on the verge of knocking out its all-time high at PHP27.50 just like Manny Pacquiao‘s attempt on Shane Mosley and I’ll tell you why shortly. The JGS stocks racked up some hefty gains today closing the trading session up by 6.1% to PHP27.15. For those who do not know, this holdings company majority owned by the Gokongwei family, is invested in air transportation, banking, food manufacturing, hotels, petrochemicals, power generation, publishing, real estate and property development, and telecommunications businesses. Also, its stock price was at PHP1.86 2 years ago so imagine how much profit you would have made. Most of us missed that but there’s still a chance for a few profits given the current chart setup. In what I see, there could be a 7-month inverted head and shoulders forming and a break above the neckline could propel the stocks to my target price of PHP34.00. I got this by adding the size of the head to the possible breakout point. By the looks of it, we could expect the breakout soon as the recent price movement looks aggressive enough to clear out the neckline. If you notice, the MACD is moving in the positive territory, the stocks are above the 50, 100 and 200-day moving averages and the sudden increase in trading volume the past few days signal the Chicago Bulls are back. However, in any case the JGS stocks drop, the immediate downside could be the 1-month uptrend. If that breaks, the next support could be the PHP24.00 level. If I would have entered at the last traded price, my cut loss will be placed below the right shoulder (PHP24.00).

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