Noticed the nice retest of the IPO price on 17 Apr 2019. I get the feeling a lot of traders overall are spooked, but I loved the shape of today's closing reversal candle. Today (26 Feb) was also on a TD 9 buy on the daily chart, or as some would say, today was a good catch of a falling knife if you like to trade the TD sequential momentum indicator. I also picked up on the bullish rounding top formation.
Measuring the low of $2.15 on 18 Mar 2020 to $49.77 on 17 Apr 2019, that's a 2214.88% difference. We broke the all time high of $49.77 on 22 Jan 2021 with a monster candle breakout. If you just copy the 2214.88% price range, and move it to the $49.77 price, it puts my temporary target at $97.39. That's conservative at only a mere 95.68% rise. But I've read several other traders with their eyes on a $100 target for JMIA. I think it will happen too. The chart today looks like a perfect area to reverse and turn bullish on Monday.
The daily RSI is at 36.37, exactly where it reversed & consolidated in September. The 4 hr RSI is at 32.23. For those who are long, this is the worst place to sell. Volume low also; nobody selling. Even if Monday isn't super bullish, I feel like the worst that can happen next week is we consolidate for a few days at this price range, which only builds up more pressure for a monster breakout.
Measuring the low of $2.15 on 18 Mar 2020 to $49.77 on 17 Apr 2019, that's a 2214.88% difference. We broke the all time high of $49.77 on 22 Jan 2021 with a monster candle breakout. If you just copy the 2214.88% price range, and move it to the $49.77 price, it puts my temporary target at $97.39. That's conservative at only a mere 95.68% rise. But I've read several other traders with their eyes on a $100 target for JMIA. I think it will happen too. The chart today looks like a perfect area to reverse and turn bullish on Monday.
The daily RSI is at 36.37, exactly where it reversed & consolidated in September. The 4 hr RSI is at 32.23. For those who are long, this is the worst place to sell. Volume low also; nobody selling. Even if Monday isn't super bullish, I feel like the worst that can happen next week is we consolidate for a few days at this price range, which only builds up more pressure for a monster breakout.
Comment:
Nice correction! It's clear for takeoff.
Comment:
The Daily RSI has now dropped from 36.37 (on Feb 26) to now officially oversold at 28.27. Blood on the streets.
Comment:
What happened here was an inverse cup and handle correction at a 45 degree angle. Target for the correction was nearly met by a few dollars. I'm bullish all the way. There might be some resistance around the $48 level, but I favor chances of a breakout above $48 will happen fairly easily. Some bears will look at it like a potential head and shoulders, but I'm not a head and shoulder's pattern fan as much as a cup and handle pattern which just met it's target. The sky is open air for another massive run.
Comment:
If Friday's candle can close above $50, that is extremely bullish. It's open air for a new all time high in the very near future.