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Shopify

SQ (SQUARE) Big Shorting opportunity aheadToday were taking a look at SQ (SQUARE) So SQ made a big move down for earnings around the $225 level. This level is widely being considered as a "buy the dip" opportunity which very well may be. However obviously we are offering a different perspective and heres why: Reason 1: We spend more than 3x the effort (activity) on August 2nd than we did on February 16th to make the same level highs. (relatively, weekly outlook) So if we have more participants and cant breach a new level we have to consider that perhaps long isnt the direction. Reason 2: 235-240 zone was a big area that held as support for nearly 5 months. We finally broke down and closed from that level. So for Operators to immediately reclaim that level is just a less than probable event. Reason 3: Although not very clear it appears we have completed the B corrective wave and are well into our C distribution wave. We are referencing Elliot waves here. A modest 1:1 ration gets us to the 200-208 destination. Note: 1.5x and 2x distribution waves are no stranger. There are a few more things happening here that are subjective that I will leave off such as harmonic patterns and the overall type of bearish structure we are in. In this case I dont think we need to add that to the confluence. Theres enough to suggest a lower price is more likely than not going to be realized. As stated I like the 235 to 240 maybe even 242 area for shorts/puts to be initiated. If you were to go into a lower time frame like the 4hr or the hourly you can find a much more precise entry point with a more favorable risk profile if not this would be a 1:1 trade short.
NYSE:XYZShort
by Thecontrariandaily
3
A quick analysis of SHOP, what can we see? Today we will take a quick look at the SHOP chart. What we can see here is: a) Ascending Channel, the price was rejected from the lower trendline. b) ABC corrective pattern (apparently finished). c) Support/Resistance zone (we want to see the price above that level, to think in bullish opportunities). Based on all those items, if the price reaches our green horizontal line, we will consider that to activate the bullish view towards the targets we have defined using fibo extensions. Our invalidation level will be below "C" either the analysis is executed or not. Thanks for reading!
S
by ThinkingAntsOk
2
$SHOPShopify stock has made long-term investors a boatload of money. If you would have been able to buy shares of the e-commerce subscription platform at its 2015 IPO price, you'd be sitting on gains of nearly 9,000%! In this short period, the company has risen to become the largest Canadian company by market capitalization with a valuation approaching $200 billion. Still, the company has its work cut out for it to earn "four-comma status" by 2025. In the second quarter, Shopify did so by beating analyst expectations on the top line by reporting total revenue growth of 57% and its first $1 billion quarter. However, the numbers are even better than they initially appear when broken down by segment. Shopify's smaller revenue source is subscription services, the fees it charges sellers, or "merchants," to use its tools. The second is merchant services, which consists of the revenue Shopify earns from those merchants in the form of add-on services like payment processing and transaction fees. In the year-ago quarter, merchant services grew faster than subscription revenue, which makes sense when you consider the pandemic increased the demand for online shopping. This year's growth was led by subscription services, which was boosted by more merchants beginning to use Shopify's e-commerce platform and existing merchants buying higher-priced subscription bundles. When we take a look at the technical side of things Shopify looks incredible on the higher timeframes. Looking at the weekly chart we are currently sitting at long term support and this might be something you might want to keep your eyes on going into next weeks trading sessions. If price is able to hold these levels we could see Shopify continue it way up. When we move down to the daily chart for indicators we have; MACD curling RSI breaking above 50. Watchlist this.
SLong
by TheBlankFund