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- Just Eat Takeaway announced its H1-2023 report on 26 July 2023.
- Just Eat is facing challenges in the North American region.
- JET stock slid -1.99% during the intraday session while trading at £1077.
The JET stock price achieved an annual high on 18 January 2023 with a resistance level of £2456 but did not sustain it there. Just Eat stock price has reflected downtrend momentum after achieving the annual high. That trend continued throughout the year with a long march of bears. The JET stock is following the trendline while forming lower lows and lower highs.
H1-2023 Report of Just Eat Takeaway.
JET stock retested the previous £1500 resistance level on 26 July 2023 and disrupted the downtrend flow. Just Eat Takeaway also announced its half-yearly financial report on this day. The H1 results yield a hike of around 4.4% in a day trading session.
Moreover, the H1-2023 financial earning report reflects opposing results with a surprise of -£31.79 EPS (earning per share) or 45.12%. The reported EPS was -£102.26 and the estimated forecast was -£70.46.
Just Eat Takeaway’s reported half-yearly revenue was £1.29 Billion. It failed to meet the £1.39 Billion estimated revenue forecast. Therefore, JET stock witnessed a pessimistic result of -£10.07 Million.
Just Eat Facing Challenges In The North American Region.
The CEO of Dutch food-delivery platform “Jitse Groen, said the company is facing challenges in the North American region, especially the US market, due to rising inflation affecting the global food supply, especially in Western economies. Groen added that the business in the US is “not a profitable business” for the moment.
Where Will This Downtrend Go…?
Recently, the JET stock price has been hovering near the annual low support level of £1044. If the current downtrend momentum remains constant, the bears can push the price below the annual low, and the price might achieve a new annual low near the £1000 level.
On the contrary, if the bulls can push the price above the previous candle’s high. The JET stock price can surge toward the £1200 level, which will cause a sudden spike in the price action.
However, The chaikin money flow (CMF) score is -0.38 during the intraday session, showing intense weakness in the market.
The relative strength index (RSI) trades at 27.95, which denotes the bears dominating the market since early 2023.
The JET stock price is currently trading below the 20, 50, 100, and 200-day EMAs, indicating strong participation of sellers in the market. However, the current market capitalization of Just Eat Takeaway is £2.41 Billion, with an average volume of 15.68K shares.
Conclusion
With low demand for meal delivery, the Just Eat Takeaway could have performed better in the European and North American regions. However, investors should look for selling opportunities as the technical parameters indicate the same.
Technical Levels
Major resistance: £2456 and £2022
Major support: £1044 and £1071
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
