Hi guys so this is a Macro analysis on Shopify (SHOP). Recent weeks of price action have got my eyes on SHOP.
Lets jump right in. This analysis is done on the 1 week timeframe thus supporting a Macro lens look on whats happening.
As you can see, ive highlighted key area with an Orange rectangle.
Below it, you can see candles attempting to get into it and...
Shopify (SHOP) has been trading within a Channel Up pattern since the October 13 2022 market bottom. It recently made a Higher High but not at the top of the pattern and started to pull-back, losing most of its strength and momentum as the 1D RSI dropped to 45.50 (neutral). The price is still above the 1D MA50 (blue trend-line), which keeps it bullish but in our...
Shopify is approaching strong support levels expecting a bounce of 50-100% from those levels. I will personally buy some calls when it hits that particular area.
Position yourself accordingly, If have questions just message me.
On the weekly timeframe for NYSE:SHOP , I noticed four things immediately:
- A candle close above the bullish flag forming, indicator bullish momentum.
- NYSE:SHOP recently created swing highs at $53.70 and then broke it and bounced perfectly off of it showing that $53.70 is a KEY level.
- When price bounced off of $53.70, it was also at the 5 SMA, adding more...
HI guys, ive been following Shopify (SHOP), since its test of some important SUPPORT. This is a quick update from my previous idea. (Which you can find down below for more context)
We've currently bounced extremely bullish off the SUPPORT level, heading towards a SUpport turned Resistance line associated with the UPTREND channel i identified.
Normally when we...
Hi guys! This is a Technical Analysis on Shopify (SHOP) on the 1 Week Timeframe.
Since its not the end of the Week, we have to wait till the end of week to see how this week's candle closes.
We ATTEMPTED to break
->1. The ORANGE resistance zone above the 1 FIB level
->2. The "MAJOR RESISTANCE" labeled line that represents a RESISTANCE trend that...
Bull momentum of Shopify has been completely released
This chart shows the weekly candle chart of Shopify stocks over the past two years. The top to bottom golden section at the end of 2021 is superimposed in the figure. As shown in the figure, since the completion of the form at the end of October 2022, it has risen by 4 small bands, and theoretically, the...
It's been 10 months since we last analyzed Shopify Inc. (SHOP) and called for a $60 target (see chart below):
The stock recently hit that level and we now see that it's trading within a Bullish Megaphone/ Channel Up combo pattern. With the 1D MA50 as its Support and recent strong fundamentals, we now set the next medium-term target at $75.00 to fill Gap 3....
The Shopify stock is currently wandering off to a shopping spree in the South and could get dangerously close to the alternative scenario, if it crosses the support line at $32.35. This would implicate further downward pulses until the turquoise wave alt. B hits its low. Primarily, we expect the course to get back in the saddle to exceed the resistance line at...
Shopify is currently on the verge of dropping further South to complete the turquoise wave B in the middle of the turquoise target zone between $34.35 and $28.22 before turning the course back North to exceed the resistance line at $45.43 in order to complete the pink wave (A). Our alternative scenario implies an earlier surpassing of the $45.43-mark instead of...
SHOP has consistently been taking the 29.81-31.79 levels as support multiple times.
This level might not hold longer, causing the stock to plummet to the 28 or 26 levels soon.
Short term bearish.
SHOP has consistently been taing the 29.81-31.79 levels as support multiple times.
This level might not hold longer, causing the stock to plumet to the 28 or 26 levels soon.
Short term bearish.
Shopify
Short Term
We look to Buy at 30.49 (stop at 28.39)
Previous support located at 30.00. There is scope for mild selling at the open but losses should be limited. We look for a temporary move higher. Preferred trade is to buy on dips.
Our profit targets will be 39.51 and 42.30
Resistance: 40.00 / 51.12 / 70.29
Support: 30.02 / 29.72 / 16.90
...
Shopify (SHOP) has been consolidating within an Accumulation Zoen since the May 11 Low. At the same time the 1D RSI has been on Higher Lows indicating a hidden bullish sentiment. The last time we saw that recently was during the September 24 - November 29 2019 Accumulation Phase, which was also on 1D RSI Higher Lows. A strong rally followed after the pattern broke...
