SHOP (SHOPIFY)
Nice rectangle pattern with prices ranging 30 and 40.
Rectangle can be either continuation or bottoming/reversal patterns.
Now trying to break the top of the rectangle. Price also above EMA 50 which is positive.
A firm break of 40 would trigger a long trade to 54, with numerous resistances on the way, including a gap (see lines on the chart).
Stop loss just below the 50EMA
Trade safe!
Nice rectangle pattern with prices ranging 30 and 40.
Rectangle can be either continuation or bottoming/reversal patterns.
Now trying to break the top of the rectangle. Price also above EMA 50 which is positive.
A firm break of 40 would trigger a long trade to 54, with numerous resistances on the way, including a gap (see lines on the chart).
Stop loss just below the 50EMA
Trade safe!
Trade closed: stop reached:
Earnings news. Price now below the box. See chart for next support.
Comment:
bad news is good news...