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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