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SHOP - Swing Trading (Gaps)

Long
NYSE:SHOP   SHOPIFY INC
Expecting SHOP to fill the recent gap at $1,120. In this case, entry for long position could be at that price, or slightly below it.

Fundamental wise, SHOP has a strong balance sheet as of December 31, 2020. Earnings should remain stable going forward. Even if COVID is gone, people will continue to enjoy shopping online from the comfort of using their smart devices.

During FY2020, the Company completed two seasoned equity offerings. Majority, if not all, of proceeds raised remained in cash or were allocated to buying marketable securities (mainly federal bonds). This brings in the question of what management could do with the funds. In spite of this, there is always an old saying of "cash is king".

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