Shopify American stock buy setups at monthly demand level at 46.18 #SHOP. Strong bullish impulses creating weekly and monthly demand levels to go long at. This is a long term buy setup, no supply levels to the left since it's making all time highs. Buying at monthly and weekly demand zones is the way to go.
So far, SHOP has tested lower support levels but uptrend line has held by close each time. Looks like it's poised for a bigger move either up or down given that wedge we're in now (which will be determined Monday July 10). Looks like a close above 86 keeps uptrend intact & depending on if it closes closer to the top of today's candle/wick vs. the bottom we'll know...
Ok looking good. Bounced off the 84.5 trend line, tested/rejected the 87.4 new support but holding > 86 well. Uptrend intact:) Is it fake? We'll know if it closes above or below the uptrend line intersection at ~85. If above, uptrend still intact. If below, could still head lower to complete the head and shoulders. Personally, I think it will hold & either retest...
Looks like ever since the 91 offering, SHOP's been trying to find new support (~87.40?) burdened by bear raids...looking like clear head & shoulder forming but will need to break/close below that long uptrend line (84.4) to be sure it's reversing down...personally I think we'll retest that line & it'll hold (providing excellent entry as anything under 91 is solid)...
Watching to see if we close above or under the 84.5 uptrend line intersection. Looks like it might close just above it today but depending on how much, I think we may test it again tomorrow - esp. Friday before a long weekend so waiting til then to confirm.
Going Long with SHOP
Volume and indicators support decision
Enter 10 cents above opening market price on Monday 19th, June, 2017
Exit 5 cents below TP 1 and TP 2
It may take about 20 days to reach PT 2
Good luck!
If closes below 94 resistance, likely chance to enter during retest of 91 early next week before breaking through 94...it was on its way through 100 right when they announced stock offering @ 91/share, rebounding now after being oversold due to fear/panic. Excellent for selling puts/calls.
Looks like new 91 support will be tested over coming days, bullish as long as it stays above 84 (longterm trendline intersection) & esp. if volume moves it to re-test 95 area, & if breaks/holds 96, on to 100...beginner learning to chart, advice welcome!
