QJames
Long

Shopify has long term potential

NYSE:SHOP   SHOPIFY INC
Shopify has immensely strong fundamentals, as their global e-commerce eco-system continues to grow

https://www.shopify.com/press/releases/s...

Looking at the chart I see a long term bullish trend-line that we're now heading back down towards. Interestingly the 200-DMA has been tracking this closely, with the price testing the level last December and again a couple of times in April.

I intend to build a long-term long position with entries between the 100 & 200 DMAs , ideally close to the trend-line/200 DMA, although i'll monitor classic candle patters and chart signals for signs of a bottom - I'll settle with a smaller position if we head higher before reaching my entry.

Ideal entry: between 128 - 138
Stop Loss: below September monthly high of 123.94
Target: 190+
Risk:Reward 3.7+





Trade active: I bought a partial position at 150.... add on dips!
Comment: A rocky road, but target has been reached. Would recommend further buying along the long term trend-line support
Trade closed: target reached: As above, I still see great long term potential

Comments

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