NYSE:SHOP has been down 87% from its highest peak at $ 176.29 per share to $ 22.63 in a year (lowest price at $ 22.63 was hit on W1 Oct 2022.
In Weekly chart, Shopify seems going to form an Inverted Head and Shoulders with estimated neckline at $ 44.50. Even though it is still uncertain whether it will form that pattern or not.
But, if we take a look at another Indicator, say Stochastic: The shape of the stochastic curving pretty good with a potential Golden Cross above the value of 50 (which i consider one of the best opportunity for swing entry if you have a correction followed by Golden Cross of Stochastic above 50).
If this week confirm that the Stochastic %K is crossing up Stochastic %D, I believe that the price will continue breakout the neckline.
Last Day candle was breaking out the EMA200 (4H Chart):
If you do not wish to wait the confirmation in the weekly timeframe as I mentioned above, you can use the EMA200 (4H Chart) as your stop loss target.
My preferred last support will be the Quarterly CPR with $34.35 - $34.59 range.
Happy Trading!
Disclaimer is always ON. Currently I do not have possession of NYSE:SHOP stock in my portfolio.