JTO is approaching resistance and could reach $5.47 if the uptrend continues
JTO's current momentum with the price at $4.31 suggests that it may soon test the nearest resistance level at $4.78. If the positive sentiment continues, there is the potential to move even further towards the second resistance at $5.47. Growing market confidence, reflected in the rise above the 10-day and 100-day moving averages at $3.31 and $2.40 respectively, supports this uptrend. However, if the trend reverses, the price could find a cushion at the immediate $2.77 support level to regroup before another surge.
On the other hand, any negative development could push JTO to retreat towards the second support level at $1.44, especially if it breaks the nearest support. This pullback, while potentially troubling in the short term, could also create a buying opportunity for those betting on JTO's long-term prospects. More broadly, stability above the 100-day average ensures that the long-term trend can remain positive, balancing caution and optimism.
