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| Fig. 1 JGS Stock Chart courtesy of COLFinancial |
Why BUY?
- Potential upside once it breaks 50MA and 23.6% Fibonacci. Then, fills the gap until 41.5 and further retrace to 46-47 based on Fibo.
- MACD Signal nearly crossing the centerline while its histogram is above 0.
- Low Volume suggests die down of sellers (also refer to DMI). It might be the right time to accumulate
- Market has already breached 6,000 level and I think of it as a strong support now
- COLFinancial BUY rating with an FV of 48/sh (24.7% upside)
- Good buy short to medium term. (a breakout is on the horizon, range trading at 38-39ish)
Risks:
- Death Cross (200MA crossing 50MA)
- Market pulls back again to 5,900
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