$JMIA * EWP TC FIB WEEKLY TF ANALYSIS
The chart shared shows the historical weekly price action for Jumia Technologies AG (
JMIA) and includes several key Fibonacci retracement levels. Here are a few observations based on the chart:
1. IPO Price Reference: The chart marks Jumia’s IPO price on April 12, 2019, at $18.95, which has since acted as a resistance level. The price is currently significantly below this level, which is generally seen as bearish.
2. Fibonacci Retracement Levels: These retracement levels are visible at key points, such as around $17, $12.5, and $7.8. These are important as they indicate areas where the price may either stall or reverse, as seen by the price bouncing off these levels.
3. Recent Decline: After hitting the 0.5 Fibonacci retracement level near $12.50, the stock has pulled back sharply, breaking below the $7.8 level (0.382 retracement), and is currently trading around $4.67. This is a strong correction after a steep rally in mid-2024.
4. Support Levels: The chart highlights significant support around the $2.35 mark, which is near the 2023 lows. If the price continues to decline, this level could serve as a potential area for a bounce.
5. Trend Analysis: The overall trend since the 2021 peak has been downward, though there have been several rallies within the larger downtrend, one of which occurred in mid-2024. The lower highs and lows indicate that the bearish sentiment remains dominant.
Overall, the chart suggests that the stock is in a corrective phase, and attention should be paid to whether it can hold above the next major support levels or continues to fall further. If the stock breaks above key Fibonacci levels, it could signal a reversal, but currently, the bias remains bearish.
JMIA) and includes several key Fibonacci retracement levels. Here are a few observations based on the chart:1. IPO Price Reference: The chart marks Jumia’s IPO price on April 12, 2019, at $18.95, which has since acted as a resistance level. The price is currently significantly below this level, which is generally seen as bearish.
2. Fibonacci Retracement Levels: These retracement levels are visible at key points, such as around $17, $12.5, and $7.8. These are important as they indicate areas where the price may either stall or reverse, as seen by the price bouncing off these levels.
3. Recent Decline: After hitting the 0.5 Fibonacci retracement level near $12.50, the stock has pulled back sharply, breaking below the $7.8 level (0.382 retracement), and is currently trading around $4.67. This is a strong correction after a steep rally in mid-2024.
4. Support Levels: The chart highlights significant support around the $2.35 mark, which is near the 2023 lows. If the price continues to decline, this level could serve as a potential area for a bounce.
5. Trend Analysis: The overall trend since the 2021 peak has been downward, though there have been several rallies within the larger downtrend, one of which occurred in mid-2024. The lower highs and lows indicate that the bearish sentiment remains dominant.
Overall, the chart suggests that the stock is in a corrective phase, and attention should be paid to whether it can hold above the next major support levels or continues to fall further. If the stock breaks above key Fibonacci levels, it could signal a reversal, but currently, the bias remains bearish.
In technical analysis, several methods focus on higher timeframes to provide a broader, more reliable context for trading or investment decisions. Elliott Wave Principle generally considers historical higher timeframes as mandatory.
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