heidib

SHOP rejects off 91 resis, H & S retest of 84.4 uptrend line?

Long
heidib Updated   
NYSE:SHOP   Shopify Inc.
Looks like ever since the 91 offering, SHOP's been trying to find new support (~87.40?) burdened by bear raids...looking like clear head & shoulder forming but will need to break/close below that long uptrend line (84.4) to be sure it's reversing down...personally I think we'll retest that line & it'll hold (providing excellent entry as anything under 91 is solid) and likely bounce off for eventual higher highs - ESP. if ~Aug. 8 earnings encourage...this is a hold long/avg. down during dips company, so don't take any loss here! Personally I'm waiting for retest of 84 level to sell massive puts if it holds. Otherwise, I'll wait and sell even more puts later. I'm also holding Oct. 90 calls at small loss now, which I'm waiting for uptrend test/hold before averaging down. Should have closed them when they were up 20%, lesson learned. Any pros see any problems with the trend/support/res lines I've drawn? Beginner, thoughts welcome!
Comment:
84 level finally tested & uptrend line held...waiting for tmrw to confirm due tho might be skewed due to the holiday...think it was def safe to sell puts at that 84 level...will look to do that tmrw at 80 & 75 strikes if it retests again. Lovin this TA stuff - can't wait to learn more and get better at it!!
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