JG Summit Holdings Primed To Move Higher?

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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