The dashed lInes repersent some weaker support and resistance
where I expect some price reactivity. The solid lines are historical supports and I expect for rejection or larger moves to take place off of. Lows have been swept up last week with large volume
which could be a combination of short covering or confident buyers adding to their position. This is significant because it shows that despite the markets downturn, there is still some bullish
activity in the stock. This stock has a beta of 1.56 so it will be generally more prone to market volatility
. After a worse than expected Earnings
report coming in at .99 a share (1.24 expectation) the stock corrected from its pre earning run up. From here a full retrace to 1204 which was a generally accepted price between buyers and sellers is possible. There is also the possibility that price runs back up to the gap at 1322-1335, this could be a very reactive area. Sitting under the December highs I would say that there isn't much of a bull bear bias for this stock quite yet as the market corrects and with the bad earning's report. Note that while Shopify is a leader in it's category- companies like e-Bay, Amazon, and Walmart all offer integrated e-commerce. Furthermore BigCommerce now offers their sellers a chance to directly market and sell their products on the Walmart Marketplace which could be huge for the brand.