I'm short JMIA based on the ascending wedge pattern formed on the daily charts.
Daily (Bearish)
1. I anticipate pull back to the mean average ($30), which is also the quarterly EMA.
2. Bearish Volume
3. Bearish Momentum
Weekly (Bearish)
1. Bearish engulfing candle on weekly chart.
2. Bearish volume.
3. Bearish momentum.
4. Bullish Cup and Handle Pattern may form in the coming weeks.
Happy Trading!
Disclaimer. My ideas are for informational purposes only. My ideas do not constitute solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments. You should not construe any such information or other comments as legal, tax, investment, financial, or other advice. There are risks associated with investing in securities. Investing in stocks, bonds, exchange traded funds, mutual funds, options and money market funds involve risk of loss. Loss of principal is possible. Please exercise your own due diligence.
Daily (Bearish)
1. I anticipate pull back to the mean average ($30), which is also the quarterly EMA.
2. Bearish Volume
3. Bearish Momentum
Weekly (Bearish)
1. Bearish engulfing candle on weekly chart.
2. Bearish volume.
3. Bearish momentum.
4. Bullish Cup and Handle Pattern may form in the coming weeks.
Happy Trading!
Disclaimer. My ideas are for informational purposes only. My ideas do not constitute solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments. You should not construe any such information or other comments as legal, tax, investment, financial, or other advice. There are risks associated with investing in securities. Investing in stocks, bonds, exchange traded funds, mutual funds, options and money market funds involve risk of loss. Loss of principal is possible. Please exercise your own due diligence.
Comment:
I like the volume on yesterday's candle, which indicates that JMIA may attempt to retest resistance around $49 today. Review the key factors in the chart below.
Comment:
Trend Continues. Nice Breakthrough on resistance.
