SHOP ( DAILY)
Buy above high of 1086
Target of $300 ( height of cup)
Cup and handle formed as on 1st Sept 2020 till 12th Oct 2020
Broke handle today on 16th October 2020
RSI > 60
Taken support at 9 day EMA on 15th Oct 2020
I have recently started analyzing charts and have come across this interesting idea.
It looks like $SHOP is about to enter wave 5 via the black line on the daily chart. The blue line trend inside the black waves supports trendy behavior through the Elliot wave theory. The counter trend from the blue line may be over or ending soon. Then wave 5 will...
Waiting on a pre earnings pop.
If it can build above this box it looks promising. Watching the broader market is key.
If the QQQ starts showing some weakness this could be hit quickly with profit taking.
The market rips this has a good chance of ripping.
Is it reversing an uptrend? Check
Is it long relative to the preceding candles? Check
Does it have a long upper wick? Check(Not as big as I would like, but, still big enough for your mom)
Did it close lower than the previous close? Check
This is my analysis, I will enter at the 1:1 entry and if the left eye gets tagged tomorrow, I will enter there also. Stop...
SHOP HAS RALLIED ABOUT 270% SINCE THE MARCH, 2020 LOW. NOW SHOP IS NEARING COMPLETION OF A RISING-WEDGE TERMINAL PATTERN. ALSO KNOWN AS AN ENDING DIAGONAL. WE EXPECT SELLING PRESSURE IN SHOP TO BEGIN TO ROLL-OVER AND THEN ACCELERATE DOWNWARD, INITIALLY INTO THE $800 TO $850 RANGE.
Hello Fellow Traders.
A month back I posted the falling wedge and SHOP has rallied back up and now its ready after a few rejections out of the Daily Supply Zone to push toward the 0.382 Fib level.
First level will be 1110. It will need to form a pattern above in order to push higher for a retest of all time highs and the top of the Supply zone.
I also believe...
SHOP has been testing the 1110 range several times over the past several months. Looking for another test to breakout of that level back to the high of 1145. A breakdown below the moving averages would void this trade.
1. Current resistance @ 1108
2. Aim @ 1200 within two weeks
3. V-shape reversing
4. Amazon's 'Prime Day' may pull the E-commerce sector
5. Google trying to combine Youtube with E-commerce, and their main partner is Shopify
6. Partnership with Pinterest, Walmart, Google
7. Market Value aim @ $200 billion in long-term