So i'm running +50% on this one. Nearing a big trendline, 1.618 fib and the steam maybe over for some days/weeks.
A correction to 210 should be in play i think
The Megalodon indicator speaks for itself on this chart!
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Did SHOPify breakout of a bull flag?
1) Bullish open and close candle above the trend line.
2) MACD bullish (although histogram is slowing)
3) Force Indicator is bullish
4) RSI is not overbought or showing any signs of bearish divergence.
5) Parabolic SAR is bullish
6) 20 EMA is above the 40 EMA indicating a bullish trend
7) 50 EMA is above the 200 EMA also...
Trade Idea: Bearish Reversal
Price has been consolidation at the edge of the channel for almost a week now, indicating that price is exhausting its bullish swing.
Trade Step-up: Short
Price rejects a breakout from the current channel trend. Look for a reversal to 140.00 & 125.00. Stop loss at 165.00.
After looking through finances I am not a fan of Shopify in the long-term being able to support itself in terms of it's finances. For the technical traders out there it looks like price could have bounced off of the resistance level. Just something to note or keep an eye on.
NYSE:SHOP is an opportunity to go short (after Cyber Monday) once the MAs complete forming death cross on daily chart, volume is already low and RSI has formed a bearish divergence
Swing pick for the week. SHOP is looking great after this mini correction. The bottom dotted line is a trend line, with two targets listed. MACD and STOCH are looking great too.
If Shopify breaks 166, I believe there's an opening between this range to make a day trade, as illustrated here. The momentum has shifted, and as seen by the shifting bottoms.
SHOP.TO is tightening up on the daily as price forms an equilibrium. Decreasing bull volume on the daily tells me we're likely to set a lower high relative to 199.50 before coming back to test the uptrend that's held since Dec 2017, and set a higher low relative to 172.95. Volume within this pattern will be key clue about how the pattern will break
