Do your own research, this is not financial advice.
I see a potential "Complex head and shoulders" top pattern forming in SHOPify. If it breaks the neckline it will confirm. Potential targets are outlined where a bounce has a high chance.
Id initiate a short/bearish position if it breaks that support (black) come next week, the stocks trading at an ATH, Zacks says it has an insane trailing-twelve-months P/E of 277.63X, comapred to the industry's 30x. The head and shoulders is a red flag, and a bearish flag can be drawn easily, with the line to the right shoulder from the head being the flagpole. A...
Similar action has been seen in shop since July with selling before earnings which presumptively can be accredited to profit taking. The only exception would be February where there was a huge run up in price before the report, a flop in earnings created a large selloff. With board members stepping down, there is some uncertainty around SHOP and the looming...
Shop dropped all the way to 1006.21 when the market plunged in March. Since correcting 32% from its all time high, SHOP has been strong as the tech led rally continues. Its earnings are coming up this month and it has showed strength throughout April. It is also trading right above its January range which should serve as a strong support.
Shopping looks pretty good with it's low supply and all the demand right now. Even if we think SPI is pretty high IMO nothing to compare to what's coming.
Nice W pattern right now, and a retest of the neckline. Here a some exit target for this W3 in blue.
161.8% : 466.38$
261.8% : 722.17$ (my favorite)
361.8% : 1025.47$ (my favorite)
After several days of consolidation SHOP printed a bullish reversal candle
Potential reversal to reach previous all time high with 37% uptrend
Stop loss below lower wick candle
Good luck and thanks for your likes
We see #SHOP at the bottom of the channel trade and we just began an uptrend channel. Using the Fibonacci retracement, we can see the support and resistance line that can end two different take profits. Will also add that ER is May 04 and #SHOP will starts exploding two weeks earlier.
PT 1 : 1200 USD
PT 2 : 1280 - 1300 USD
DAYS BEFORE ER, #SHOP SHOULD BE AT...
Shopify chart usually tends to be in a neutral range for a while, it has been breaking the trend upward, If it wont be a fake breakout, it will rise, which I have two profit points for that and don't forget to manage your trade.