On strong week from the exchanges shop Made it up to 1294 but has got rejected off the Resistance (Yellow line)... headed back down to 1150. might break out of that range with earnings
Hello ladies and gentlemen, according to my graphical analysis I recommend to keep as much as possible SHOPIFY INC in your portfolio and of course to avoid the sale because graphically and technically SHOP Stock has broken with force a very important resistance (R1,R2) proven with a great probability the increase of SHOPIFY Stock.
My Next Target is at least 1850...
I think we all agree the wonderful triangle will take us to new highs. I have been trading and following SHOP since the $200's and she has rarely disappointed. I was hoping after last earnings she would spike as usual, but no. This time she will! :) GL! and $$$$$
$SHOP is trading within a bullish wedge above structure.
Look for long to the top the wedge structure to $1200
A breakout of the wedge can lead to previous highs at $1280 and then new all time highs at $1380
A close up view of shops journey in its weekly channel (White lines).
As you can see that yellow line of Resistance has held since the summer, it even held through shop epic 300 point xmas rally.
Even still shop is at the bottom of its channel with 1300 Resistance, could be a perfect time to go long with earnings around the corner.
NYSE:SHOP has showed weakness in its consolidation and appears to have distribution of shares taking place. The volatility is evident in its volume and jumpy prices overnight and otherwise. It closed above its weekly value and short 2 weeks before earnings makes sense due to the likely increase in option premiums. While the market Shopify covers has become...
$SHOP is showing incredible confluence in Fibonacci in addition to a 5-count completion on it's most recent bullish pennant.
This is pre-breakout but is looking likely to happen this week - targeting previous highs and creation of new ones!
First entry: $1217
Confirmation: $1238
TG1: 1245.91
TG2: 1260.69
TG3: 1286.14
TG4: 1322.59
TG5: 1347.15
...
Remember Shopify ran from $880 to $1280 mid November to Christmas. It will surprise you.
I don't know why it sold off almost 4% yesterday, but I like the stock here and volatility works both ways.
We had a Squeeze on the week and are about to have a Squeeze on the Day both with Momentum above zero :) . We are coming to the end of the S Triangle and with that are going to come new highs. The next couple weeks should be interesting.... GL!
BTW... I own SHOP, AAPL, ENPH, TSLA, and of course SPCE (Goldmine!) All are on the move and I recommend all of these....
