Current view on JMIA. Relevant levels and structures

Today, we will speak about JMIA.

Let's check the main items we can see on the chart.

a) The price has broken a huge descending Wedge pattern

b) As usual, after the breakout of this type of structure, we can observe a retest or consolidation close to it.

c) In this case, we are observing a consolidation between 34.00 and 27.00. It's possible to observe a new local low on that range or a range between the specified price levels

d) However, the most important level we are observing right now is the activation one. (Green horizontal line at 34.80)

e) If the price reaches it, we expect a continuation of the bullish movement towards the next resistance zone at 48.00

f) Pay attention to the horizontal yellow line as a possible inner resistance zone

g) If the activation level is reached, we expect a resolution between 20 to 40 days

h) Of course that if the price keeps falling, we will cancel our view. Also, if the idea is activated, our invalidation level is below the consolidation structure.


Thanks for reading!