JG Chemicals has been moving inside this large rising channel since listing and the reactions from both boundaries have been extremely clean. Every major test of the lower trendline has attracted buyers while the upper trendline has repeatedly created profit booking. But this time the structure looks much stronger. After bouncing from the lower channel near 300 the stock has almost doubled and returned to the 680–700 resistance zone with strong momentum. Even after the recent rejection buyers did not allow any major correction and price is already pushing back towards the highs. That shows supply near the upper boundary is getting absorbed much faster than before.
The real trigger now is a clean breakout and sustain above 700. This would not only break the upper channel resistance but also push the stock into fresh all-time highs and price discovery. Liquidity is sitting above these highs and once it gets taken out the breakout can attract fresh momentum buyers very quickly. RSI around 73 also shows how strong the current momentum is. If 700 finally gives way JG Chemicals can move into a completely new expansion phase and the next rally can be much sharper than the previous ones.
The real trigger now is a clean breakout and sustain above 700. This would not only break the upper channel resistance but also push the stock into fresh all-time highs and price discovery. Liquidity is sitting above these highs and once it gets taken out the breakout can attract fresh momentum buyers very quickly. RSI around 73 also shows how strong the current momentum is. If 700 finally gives way JG Chemicals can move into a completely new expansion phase and the next rally can be much sharper than the previous ones.
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