Finally, we saw some decent action in JG Summit Holdings (stock symbol: JGS) in the past two weeks, after it became stuck in a tight range below 40 for about one month. With the 38 area successfully redefended (last week), buyers must now attempt to revisit 42.
The MACD Oscillator (MACD-O) has quickly reversed and is now above the zero level.
If price can move through 42, the next target would be the 2013 double top around 50. The price action expectations discussed in my previous post could still occur, so keep an eye out.