A few days ago Shopify managed to break out of the range but it seems that it was a bull trap as the price came back into the range.
We believe that after the fake breakout to the upside that we had, it´s more likely now for Shopify to break down. We had a bearish cross on MACD and RSI on daily timeframe is not even oversold and it has more room to the downside.
Enter the short only if / when we break down the range. We expect 30 % drop.
Moreover SPX and Nasdaq finished their ´bear market rally so it´s also favoring more downside on Shopify.
Trade active
⋅
The price broke down below the range. Expect more downside soon