Jumbo: Forming a Retracement in an Uptrend

2016Jun-Jumbo-800x449

Jumbo (42R)

 

2016Jun-Jumbo-800x449

 

  • Since its IPO in Nov last year, Jumbo had been on steady uptrend

 

  • After forming a long base lasting several months, the stock broke out on the upside end of May and reached its peak of $0.62 in early June

 

  • Since then, it has had a steady pullback with reduced volume, indicating not much selling at current prices

 

  • A strong recovery day on increased volume like today should see it resume its uptrend provided it closes strongly at the end of the day

 

  • Look for additional follow through in coming days to confirm