Technicals Talk: JG Summit Holdings, Inc. (JGS) – 10 Jan 2024 by RCBC Securities
JGS bounced off near the resistance line of a rising channel and retreated yesterday after trading higher for three consecutive days.
JGS bounced off near the resistance line of a rising channel and retreated yesterday after trading higher for three consecutive days.
Market watchers are expected to watch local gaugesā climb towards 6,700 as fund managers check on continuity of wider net foreign buying & accelerated momentum via improved turnover.
After reaching its all-time high of 151.40 in mid-July last year, BDO pulled back and has been creating higher highs and lower lows but still respecting the 125.50 to 126.00 area as support.
Sentiment might sway to Wall Streetās strong advance (DJIA +0.58%, Nasdaq Comp. +2.2%), as momentum builds for less-restrictive monetary policies.
Second-wind response to tamer inflation for December (3.9% vs. Nov.ās 4.1%) might be seen, as participants carefully monitor the PSEiās return to the 7,000 zone (achieved last 23 Jan. 2023).
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Ascending triangle pattern.
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