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SHOP TSX : Technical Analysis - 21 Oct 2020

Short
TSX:SHOP   SHOPIFY INC
Based on daily time frame : Shop is currently in its down trend seeking its support levels S1 : 1270 and S2 : 1200. RSI is also depicting a downtrend. Anticipated buying range could be in the range of 1270 - 1290. If it breaks S1 at 1270 next buying area will be around 1180 -1200. Since earning date is near on 29 Oct, it is likely that the share price may go up after touching S1 level. Based on the historical trends shop's share price tend to go up a day before its earning date and is very short lived. Take your decisions accordingly for a short term gain.

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