SHOP had a amazing breakout yesterday above the downtrend and closed at a ATH.
The rally stalled at a Fibonacci 1-2-1 target $1165
Today could very well see a move to $1200.
Above which we have major Fibonacci confluence at $1230-$1235.
$1337-$1345 Medium term target.
I don't like shorting this in the holiday season when they will likely have increased transactions but at the same time right now we have a nice technical entry and P/E not looking so good.
For me, this justifies a short position . They could very well out perform and go higher too but I think a short is the better play going into 2022.
Good luck ~
SHOP has consolidated properly in last few months. It's time it will move up very soon very fast!!!
First Target 1200
Final target 1450
Stop price 1020
There's a huge resistance line at 1113. I intend on going long above 1113 and take partial profit around 1142, the previous ATH. I'll likley leave some runners to aim for 1200.
Super clear here... if you don’t have the Shop app to track your packages, try it out! I’m going heavy on Shop in 2021 if markets can keep pushing... very strong setup upon breakout. Although a quick dip prior to next jump is possible with market wide correction, this may also get forced higher at the same time.
SHOPIFY - SHOP - Weird Trade Idea
I put on a Iron Butterfly with the short legs @ $1000.
What do you think about this trade?
Yay? Nay?
Personally, I put on this trade because the risk/reward was pretty good and it was based on technical analysis.
Breaking through the resistance with a strong candle means 100% confirmation of the trade.
A price channel that the price took before the model
A price channel that the price will take after the pattern
The end of the triangle model, which is a continuation model
SHOP has been consolidating like crazy on the weekly chart, setting up for an explosive breakout. Setting an alert near the 1110-1120 levels for a massive breakout play. This has the potential to hit 1300+ on breakout of the weekly flag. Don’t miss this one!
SHOP is set to dominate the global ecommerce space and will benefit drastically from the recent pandemic. Had a nice selloff last week, looking for another dip shortly and take a long opportunity.
Daily D Extension achieved and B boundary has been formed. Once a breakout of consolidation occurs, looking for a short opportunity to at least the 38.2 possibly 61.8 retracement level before a continuation to the upside.
