Consolidation breakdown.... The measured move is 0 !!!After the Citron Research announcement stating that JUMIA is a fraud, Jumia's Stock broke down from a consolidation pattern with a measured move to ZERO ! I wonder if it will come true.
4JMA trade ideas
JUMIA: Where Will It Go?Jumia, African Alibaba, plunged after rocketing.
From the chart, long-term bullish bat pattern is for long, but short-term Gartley is for short. What should we do?
Sell when the price hits 28.2, then buy at 18.8-20.4 after the price drops with SL below 18 .
If the price breaks out the 28.2 directly, buy at the pullback.
TP1: 35
TP2: 40
JMIA 25.06.19 LongAsset and Time frame -JMIA,4 Hours
Entry Price -25.3599
Exit(Stop Loss) -23.32
Exit(Take Profit) - 31.55
The range between SL and entry -2.07$
Technical Analysis -Hourly chart creates a higher high and an ABC pattern on the Fibonacci 0.382 level, both SMA are used as support, TP is set a bit far for RRR3
Why not enter the trade - Strong resistance up ahead at 27$
Is the Market overbought or Oversold -No
What direction does the market move -X
Higher Highs / Lower Lows -X
What can be improved -
Conclusion & End of Trade -
JMIA short.I have a general negative fundamental outlook. I believe Andrew Left's concerns are carry weight. I'm timing my entry technically in a fashion that makes sense. Psychologically, the market has been aware of both sides of the narrative. The post-IPO hype and the consecutive extreme run-up. And Mr. Left's negative narrative and the consecutive extreme drop. Now the question is which narrative will win in the minds of the market participants. The stock has been ranging for awhile. The level I see as critical is where I've placed my stop. It's a level if breached would indicate for me that I'm "wrong" and the market does not agree with my (and Mr. Left's narrative). That level is in the general area of 33% retracement of the big drop and a recent swing high. My target is $10 but I'm placing my exit just a bit above because $10 is a psychological level and we are likely to see some support there. The institutional holdings of this stock are low. There are a lot of retail bagholders. With enough pain they will capitulate.
JMIA: new stock. Raging hot after the IPO. Dropped a tad over 100%, in violation of EW rules. Making an exception as the IPO offer price could be lower than its opening price.
$jmia long $jmia a recent ipo going for highs. We longed this in our chatroom in the morning, booked profit and rehit it later on the day. This stock was an EOD screamer.
$JMIA$JMIA was longed in our chatroom in the 33 range. Today it hit 43 around close. This was a continuation play.
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$JMIA such a giverThe gods have blessed us with $JMIA. It's been a stock that keeps giving. Were you able to get your hands on it?
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