Shopify looks to be in a support area, with lot's of strong fundamental news coming down the pipeline. Provided the greater equity market stays bullish, this should make a run for the $235~ area sometime this summer.
Comment:
Great bounce so far, razor sharp off that .618 fib. I am still leaning bullish, however we do have a "rug pull" setup still in the overall equity markets. We will have to wait and see. Putting a stop in around 140 would make sense here.
Comment:
A slight pullback possible here - likely $170 before further upside
Comment:
What a beautiful trade this has been so far (25%~ in less than 8 weeks). We are at the old high, so likely stall a bit here before squeezing up to our final target.
Trade closed: target reached:
Target reached. We will hit the blue TL shortly. There may be enough gas to hit the fib at $237, but too soon to tell. The overall market is setting up for a blow off top - so it could even reach the 1.382 fib at $258 in that scenario. However not an area to be buying - stop losses would be a good idea for those looking to squeeze the last juice out of this trade.
Comment:
SHOP is starting to roll over, we have a rug pull setup in equity markets. Minimum correction I would expect is $200, also $188 and $177 are downside fibs. From there we will re-assess. I expect overall markets will continue charging higher, however we are due for a washout.
Comment:
Coming into support here - We are near major support in the overall indices (S&P/Nasdaq etc) - this levels NEEDS to hold. Otherwise we could be in for a nasty selloff
Comment:
Bounced off that fib at $188. Markets *should* start to move higher, but we still have a rug pull setup... maybe 30% chance we have a nasty drop in the next week or two.
White Lake Investment