Firstly, I hate wedges, because they are like symmetric triangles that can be stretched and adjusted forever. But here is one way to draw it; 4 touches on the top and 3 on the bottom with an apex around $7.28 on 9/2. Just happens to be the bottom of a purple channel I also drew. If it gets that low, the RSI might get lower than 30 on the daily chart. Bears could get wrecked soon as the gap between $15-16 could get filled with ease.
Note
Looks like it broke out. $10 could be a little resistance if it reaches that Tues/Wed. But watch out when it busts through $11, as it will likely go up fast.Note
Taking a beating, but it bounced strong today around that long term purple support line around $7.49. It could go even lower for maximum pain, but wait and see next week.Note
Volume very low past few days; JMIA is asleep with nobody watching. Could have bottomed out on Sep 4. The $8.75 area was support for a while from Aug 27 - Sep 3. Now it's resistance. If the price can do a strong breakout, with full body candles on the 4-hr chart above $8.75, it would be bullish in my opinion.Note
The current chart looks absolutely horrible. But it's apparent to me that right now that JMIA is simply following the S&P 500. Especially on the 4hr chart. The good news for the bulls is that perhaps if there is a capitulation event, it will bounce back strong. Especially if the RSI goes under 30 on the daily chart. Currently RSI is around 36 on Sep 18. It's been falling like a stone nonstop since Aug 10. Eventually that gap at $16 will get filled. The TA is still telling me that it could still reverse from here. Especially knowing that a lot of traders sell their positions on Fridays. Monday could be a selloff in the opening hours, capitulate, but then rally and end up for the day for a big reversal daily candle with a long wick. If not Monday, I have no doubt it will happen eventually.Note
Also, just look at this chart as if it was a bouncing ball. You will know what to do and when to buy when the ball stops bouncing on the floor.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.