SHOP has been a big trender all year. Today there was a hit piece out on it. If it can break lows here it will also take out the 50sma on the daily and could flush into the close down close to 100. It is a tad extended intraday ideally it holds here for an hour or so and lets the 9ema catch up and build up a bit more base then breaks down.
SHOP has been big momo stock in the tech space all year. After its run to 125 we had a nice easy pullback and have recently remounted the 9ema and holding over it. If it can close over the 9ema ill take this consolidation pattern for swingttrade with stop under recent lows
SHOP opened higher than Fri close and is sitting right around yesterday's high of 93.3. If it closes > yest. open 92.22 (ideally > yest. high) it'll look like a clear bullish 1 White Soldier bouncing off long uptrend line & testing/establishing 94 as support. But since the white soldier isn't technically at support yet (so far, 94 still resistance), it may just be...
Preparing for liftoff. Makesure your seatbelts are buckled. Hoping to see this fly with SQ on positive earnings.
Looks like SHOP is rejecting off 94 resistance so if it closes <94, we may get that 91 retest earlier analysis indicated (which prompted me to close the Oct 90 calls for just small gain & miss the 94/95 test bec. i forgot to look at momentum indicators which i'm learning now...). If so, will be watching MACD, RSI & CCI closely for choosing entry for my first...
Looks like 91 support held, broke through 94 yesterday, testing it today and so far looks like it's holding. If closes > 94 today on to break/test 98 level...kicking myself for closing out my Oct. 90 calls for small gain - thought we'd get another <91 test and I could re-buy them but this just keeps climbing. If closes >94 today, I'll be buying Oct. 95 calls &...
SHOP closed yest. above 91 and opened today > 91 so I'm looking for a close > 91 to confirm this level as support. If we close above 91 today then def looks like it's heading to test/break through the 94 resistance level and establish that as support. Based on recent action it may reject off the 94 level today but I'm guessing we'll be crossing through that pretty...
Looks like SHOP's uptrend line held and we're resuming climb but it won't be clear until 91 level closes/holds as support. If we close < 91, I'm guessing we'll retest the uptrend line again where it intersects around 87.4 support. If we close > 91 (and then open and close > 91 tmrw), I think it'll keep going to test the 94 resistance level and perhaps establish 91...
So far, SHOP has tested lower support levels but uptrend line has held by close each time. Looks like it's poised for a bigger move either up or down given that wedge we're in now (which will be determined Monday July 10). Looks like a close above 86 keeps uptrend intact & depending on if it closes closer to the top of today's candle/wick vs. the bottom we'll know...
Ok looking good. Bounced off the 84.5 trend line, tested/rejected the 87.4 new support but holding > 86 well. Uptrend intact:) Is it fake? We'll know if it closes above or below the uptrend line intersection at ~85. If above, uptrend still intact. If below, could still head lower to complete the head and shoulders. Personally, I think it will hold & either retest...
Looks like ever since the 91 offering, SHOP's been trying to find new support (~87.40?) burdened by bear raids...looking like clear head & shoulder forming but will need to break/close below that long uptrend line (84.4) to be sure it's reversing down...personally I think we'll retest that line & it'll hold (providing excellent entry as anything under 91 is solid)...
Watching to see if we close above or under the 84.5 uptrend line intersection. Looks like it might close just above it today but depending on how much, I think we may test it again tomorrow - esp. Friday before a long weekend so waiting til then to confirm.
Going Long with SHOP Volume and indicators support decision Enter 10 cents above opening market price on Monday 19th, June, 2017 Exit 5 cents below TP 1 and TP 2 It may take about 20 days to reach PT 2 Good luck!
If closes below 94 resistance, likely chance to enter during retest of 91 early next week before breaking through 94...it was on its way through 100 right when they announced stock offering @ 91/share, rebounding now after being oversold due to fear/panic. Excellent for selling puts/calls.
Looks like new 91 support will be tested over coming days, bullish as long as it stays above 84 (longterm trendline intersection) & esp. if volume moves it to re-test 95 area, & if breaks/holds 96, on to 100...beginner learning to chart, advice welcome!
SHOP, crushed earnings and is an amazing position for the future of e-comerce with its FB & AMZN partnership. With it being a Canadian company we could see.... - an increase in investor awareness of the company - possible takeover/merger (eBay might buy SHOP???) ...
$SHOP - Shopify Overbought Expecting a pullback below $85 in near term