Clear Head and Shoulders pattern formed on the daily chart of JMIA
Price broke the neckline and probably we wil see al retest, and then will continue the downtrend.
DMI indicates that bears are in control and the trend (downtrend) is likely to continue.
MACD continues to be negative with the fast MA below the slow MA.
Fundamentally, the company continues to be unprofitable and has not had much growth in the last 4 years.
This is my position:
Short @ 30.01
SL @ 33.67
TP @ 19.27
Do your own DD!
Price broke the neckline and probably we wil see al retest, and then will continue the downtrend.
DMI indicates that bears are in control and the trend (downtrend) is likely to continue.
MACD continues to be negative with the fast MA below the slow MA.
Fundamentally, the company continues to be unprofitable and has not had much growth in the last 4 years.
This is my position:
Short @ 30.01
SL @ 33.67
TP @ 19.27
Do your own DD!
Nice trade, great set-up