After falling more than 80% from it's peak of 176.29 on 19 Nov 2021, SHOP began to range sideways since May 2022, forming a rounded base. There was an attempt break up the neckline @ 45.43 on 11 Aug 2022 but it failed after filling a prior gap that happened on 4th May.
It is now close to making another attempt at breaking up and there is a chance it could stall at the neckline (again). However, now that it is crossing above its 200 day moving average, its odds of breaking up successfully in the near future has increased.
Long the breakup with an initial stop just slightly below it's 20 or 50 day moving average.
Its momentum is strong as long as it continues to trend up along or above it's 20 day moving average.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
It is now close to making another attempt at breaking up and there is a chance it could stall at the neckline (again). However, now that it is crossing above its 200 day moving average, its odds of breaking up successfully in the near future has increased.
Long the breakup with an initial stop just slightly below it's 20 or 50 day moving average.
Its momentum is strong as long as it continues to trend up along or above it's 20 day moving average.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!