Jumia Technologies AG Stock Forecast
Stronger technical forecast for Jumia Technologies AG stock price after Tuesday trading.
(Updated on Jul 02, 2024)
The Jumia Technologies AG stock price gained 4.62% on the last trading day (Tuesday, 2nd Jul 2024), rising from $7.15 to $7.48. During the last trading day the stock fluctuated 7.92% from a day low at $7.01 to a day high of $7.57. The price has been going up and down for this period, and there has been a -20.51% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 236 thousand more shares were traded than the day before. In total, 3 million shares were bought and sold for approximately $21.33 million.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $7.16 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 67.43% during the next 3 months and, with a 90% probability hold a price between $11.99 and $18.03 at the end of this 3-month period.
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JMIA Signals & Forecast
The Jumia Technologies AG stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $7.20 and $7.31. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, June 12, 2024, and so far it has fallen -24.14%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Jumia Technologies AG stock
On the downside, the stock finds support just below today's level from accumulated volume at $7.02 and $6.66. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Jumia Technologies AG finds support just below today's level at $7.02. If this is broken, then the next support from accumulated volume will be at $6.66 and $6.45.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.555 between high and low, or 7.92%. For the last week, the stock has had daily average volatility of 8.86%.
Our recommended stop-loss: $7.01 (-6.30%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 50 days ago.)
Trading Expectations (JMIA) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Jumia Technologies AG to open at $7.35, and during the day (based on 14 day Average True Range), to move between $6.77 and $8.19, which gives a possible trading interval of +/-$0.707 (+/-9.45%) up or down from last closing price. If Jumia Technologies AG takes out the full calculated possible swing range there will be an estimated 18.91% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $7.85 (4.95%) than the support at $7.02 (6.15%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Jumia Technologies AG stock A Buy?
Jumia Technologies AG holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.373 Hold/Accumulate Upgraded
Predicted Opening Price for Jumia Technologies AG of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $7.35 ( 1.72%) | $7.48 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for JMIA
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 7.91 | 5.70% |
| R2 | 7.69 | 2.87% |
| R1 | 7.56 | 1.12% |
| Price | 7.48 | |
| S1 | 7.14 | -4.55% |
| S2 | 7.01 | -6.30% |
| S3 | 6.80 | -9.14% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 8.78 | 17.38% |
| R2 | 7.95 | 6.28% |
| R1 | 7.85 | 4.95% |
| Price | 7.48 | |
| S1 | 7.02 | -6.15% |
| S2 | 6.66 | -10.96% |
| S3 | 6.45 | -13.77% |
FAQ
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