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$JMIA Overbought - Short term Retrace

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JUMIA TECHNOLOGIES AG (NYSE:JMIA)

NYSE:JMIA JUMIA TECHNOLOGIES AG

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trendanalysis chartpattern indicator jmia short shortterm

$JMIA Overbought - Short term retrace

Short term bearish - this will need a healthy retrace before heading higher most likely. I'm long term bullish based on the fundamentals.
With the volume seen today, this would be a risky short. I would set a stop just above $16.

Near term target: $12-$13 range

Note: This is not investment advice.

Comments

Very accurate prediction. Any update comments?

leeychristy

@leeychristy, Thanks. I was early on the initial retrace, it did have one more green day left in it. The bigger drop to the $12-$13 range was post ER. I didn't read too much into the results. I know they beat EPS estimates, losing less than expected, but I believe their forward guidance was below expectations in some aspects. Maybe read into that for some better perspective on the fundamentals.

Looking technically at the chart, I would say if it breaks below the low from last week (~$11.40) it has a chance to pull all the way back to $10.00. In my opinion, it should definitely catch some support in the $9.50-$10.00 range if it gets that low.

Just my quick take, not investment advice.

Good luck

Triple_Barrel_Capital

@Triple_Barrel_Capital, I thought $12 is a supporting point so that I bought some shares today. :( Hopefully It will bounce tomorrow.

Agreed, this is a hunch but sudden increase would probably result with short term decrease in price but then increase. I wouldn't bother doing anything so I am staying.