Jumia Technologies AG operates an e-commerce platform in Africa, Portugal, Germany, and the United Arab Emirates.
They kept diluting their shares in the last year and investors were disappointed by the results.
i see two scenarios:
it bounces from this support and the price target is the 21usd resistance.
it drops to 8usd, according to the head and shoulders...
Jumia technologies is been on a recent sell off according to the historic patterns it has always bounced back around the low 30s I think this is the case here too. It might be in a down trend until 32 ish and will bounce back. I am still very bullish on the stock as it got good potential.
(1) On weekly timeframe I found divergence of RSI and crossing Stochastic RSI
(2) JMIA broke our Ascending wedge support line
(3) Broken Fib retracement, next support is on 33.61
I'm still thinking JMIA is overvalued
Wish all of you a good trading day!
