BAS55

Jan 5, 2021 5:44 AM

Whats next for JMIA

Jumia Technologies AGNYSE

Description

⋅ Jan 5, 2021 5:44 AM

Short term = Bearish (31 target)
Long term = Bullish (90 target) Hello All! Here with some insight on JMIA, which I am looking forward to owning shares for the long run. But for now, looking at daily it seems that it broke out of a steep rising wedge. Now calculating a target for the wedge, I came out to something like 34ish points move which would bring the stock to sub 15 dollars. Not very reasonable. Now on a weekly, it looks different. What we can see is a tall Cup formation from the time it IPO'ed in Apr'19. I find it to be a more legitimate observation than the "rising wedge" on daily. Now ideally a handle would retrace to about 30-40% of the cup depth which would bring the stock price to a support area of 31ish , if we take the 38.2% Fibonacci retracement level. Now that's more of a reasonable area where the prices would head back up. Long term, if Cup & Handle was confirmed, we can see a target of 90+ say by end of 2021. Share your thoughts! :) NYSE:JMIA

Trend Analysis Chart Patterns JMIA stockpatterns

Comments

superhumankm

⋅ Jan 5, 2021 5:55 AM

Thats a extremely disastrous fall:(

BAS55

⋅ Jan 5, 2021 6:01 AM

@superhumankm, Yes, which really only discredit that wedge. So 31 would seem the reasonable pullback target.

superhumankm

⋅ Jan 5, 2021 6:06 AM

@BAS55, Keeping fingers crossed -- much in my kitty bag.

superhumankm

⋅ Jan 5, 2021 5:54 PM

@superhumankm, seems its consolidating?