December 8, 2017
FlashPoint SPARK identified a dominant Head and Shoulders Top chart pattern for SHOP. This could set up a nice opportunity for shorts if it breaks neckline (support) at around $95.75, suggesting a measured move down to the $79 level.
Also notice the minor Fish Hook pattern. A break below the low of this pattern also suggests a measured move down to $80.88.
In order to negate the dominant H&S, SHOP would have to trade and close above its September 18, 2017 high. Otherwise it may form a complex H&S.
Follow us and stay tuned.
FlashPoint SPARK identified a dominant Head and Shoulders Top chart pattern for SHOP. This could set up a nice opportunity for shorts if it breaks neckline (support) at around $95.75, suggesting a measured move down to the $79 level.
Also notice the minor Fish Hook pattern. A break below the low of this pattern also suggests a measured move down to $80.88.
In order to negate the dominant H&S, SHOP would have to trade and close above its September 18, 2017 high. Otherwise it may form a complex H&S.
Follow us and stay tuned.
AlgoTrend Capital LLC