Thursday, August 17, 2017

Jumbo: Downside target hit, but worst may not be over.... Price 0.535. System says?

A few months back in May, we saw a pretty bearish pattern in Jumbo.. Something like a descending triangle….

It was then trading above the 0.67 support level that has been holding since the beginning of the year where we saw it formed lower highs.

I mentioned that this was not a good sign and we can potentially see a break down soon….

A chart with some downside targets were drawn and sent out then…

See what I mean below….

For illustration purpose only

Indeed, after about 3 months, we have seen both of the downside targets hit

Have been trying to stay above the 0.55 level over the past week but seems like sellers are still ready to take it lower.

We have had several bearish signals on the SYSTEM over the past few months pointing to more weakness… and yes more selling indeed, PTI grads can check…

Still NO EXITS yet on the recent bearish signal….

Would want to be cautious for any long positions.

Target has been revised lower to 0.48 – 0.50 now. Don’t look good below 0.55 actually from the way I see it…

Want to be alerted of DANGERS LIKE THESE?

See where we are now live below….

For illustration purpose only

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