Jumbo: Forming a Retracement in an Uptrend


Jumbo (42R)




  • 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