SHOP - Do you believe in Cup & Handles? Long

Shopify Inc.NYSE

Description

⋅ Jan 20, 2024 11:48 PM

SHOP made a beautiful good ol’ Cup & Handle pattern and breaking out of it .
I’ve a sizable position already from the lows.

It’s already 2x from the bottom and has potential for 2x more from here.
If market conditions favors the growth names , we can see 2x soon.

70 level acting as support here.
45 would been optimal entry but if you are going long here , have a tight stop around 70.

Target #1 - 98
Target #2 - 120
Target #3 - 150; Won’t be an easy target, can shakeout here.

Trade active

⋅ Feb 8, 2024 6:34 PM

Expecting some basing action here and move up after earnings to Target 1 - 98-100

Trade active

⋅ Feb 13, 2024 12:32 AM

Earnings tomorrow after hours. Expecting a pullback again tmrw and rally at EOD. let's see !

Comment

⋅ Mar 8, 2024 2:10 AM

SHOP is at a make or break level.
Options flow shows some bullish 80C, let's see.

Comments

00pakawa00

⋅ Jan 22, 2024 3:18 AM

great analysis but you must consider the gap formed on 01-02 November 2023 on daily chart...must close the gap

just4tradin

⋅ Jan 22, 2024 4:06 AM

@00pakawa00, Can't deny it. March Fed's rate cut outcome can decide how soon it can happen. But that doesn't mean it has to fill the gap immediately either.