The stock of JG Summit Holdings (stock symbol: JGS) has been trading back and forth through 53 for over a month now. A new all-time high of 54.50 has been set two weeks ago, and the current price is sticking close to it.
Something’s got to give, and bulls hope it won’t be the 50 level. Because, if the 50 level breaks, JGS could be in for consolidation in a much wider area, or worse, it could revisit the 40 level. Buyers need support at 50-52 to hold to maintain bullish momentum.
Overall, they have been able to maintain control of the 50 level since March. 60-80 is the near-term target area for bulls.
The Commodity Channel Index (CCI) has stayed above the 100 level so far.
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