Strong Bullish Trend. Target: $98
Greetings Investors,
I'm bullish JMIA based on the cup pattern formed on the monthly chart.
Bullish Factors:
1. Bullish price action with strong bullish volume for the past 3 months.
2. Bullish Cup & Handle pattern on the weekly chart.
3. ATH after breaking previous resistance at $49.77
4. JMIA may build and consolidate support around $64, before continuing the uptrend.
5. The stock is approaching the overbought signal on the RSI, but I like the ascending triangle it has formed as well, which I interpret that strong bullish momentum will follow.
6. I anticipate that JMIA will reach $98 by 20 Aug 2021 if the current trend continues.
Strategy
1. Consider the ITM 20 Aug 20C
2. Consider the OTM 20 Aug 100C
Happy Trading!
Disclaimer. My ideas are for informational purposes only. My ideas do not constitute solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments. You should not construe any such information or other comments as legal, tax, investment, financial, or other advice. There are risks associated with investing in securities. Investing in stocks, bonds, exchange traded funds, mutual funds, options and money market funds involve risk of loss. Loss of principal is possible. Please exercise your own due diligence.
I'm bullish JMIA based on the cup pattern formed on the monthly chart.
Bullish Factors:
1. Bullish price action with strong bullish volume for the past 3 months.
2. Bullish Cup & Handle pattern on the weekly chart.
3. ATH after breaking previous resistance at $49.77
4. JMIA may build and consolidate support around $64, before continuing the uptrend.
5. The stock is approaching the overbought signal on the RSI, but I like the ascending triangle it has formed as well, which I interpret that strong bullish momentum will follow.
6. I anticipate that JMIA will reach $98 by 20 Aug 2021 if the current trend continues.
Strategy
1. Consider the ITM 20 Aug 20C
2. Consider the OTM 20 Aug 100C
Happy Trading!
Disclaimer. My ideas are for informational purposes only. My ideas do not constitute solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments. You should not construe any such information or other comments as legal, tax, investment, financial, or other advice. There are risks associated with investing in securities. Investing in stocks, bonds, exchange traded funds, mutual funds, options and money market funds involve risk of loss. Loss of principal is possible. Please exercise your own due diligence.
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