JMIA looking to escape price channel?
Updated
JMIA has been consolidating in a $7 to $9 price channel for a while, with $7 a particularly important level providing previous resistance and support.
MACD is starting to come up and TTM Squeeze is looking bullish, and there have been a couple of bullish dragonfly dojis over the past few days. If MACD confirms by crossing the zero line then the squeeze should fire upward.
If it breaks out of the channel I would expect some resistance around $11, based on channel height and previous resistance.
If it keeps going past $11 I'd expect more resistance around $13-$14 (gap resistance).
MACD is starting to come up and TTM Squeeze is looking bullish, and there have been a couple of bullish dragonfly dojis over the past few days. If MACD confirms by crossing the zero line then the squeeze should fire upward.
If it breaks out of the channel I would expect some resistance around $11, based on channel height and previous resistance.
If it keeps going past $11 I'd expect more resistance around $13-$14 (gap resistance).
Note
If the $7 support zone fails, the next strong support on Daily and Weekly timeframes is just above $5. JMIA is still ranging right now, but I wanted to note that as a potential price target in case it breaks down instead of up.Trade closed: target reached
Met or exceeded all price targets by mid-Oct.
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