Shopify is coming into an important close this week. A close below the upper weekly bollinger band 1 std would signal a deeper sell off is likely. All previous closes below that upper band have led to a correction to at least the mid BB, which is currently 70.70 (moving up). This could be a key indicator in telling if Shopify has already bottomed.
We can see a reaction of the price on the market shift and on the Supply which initiated this market shift, after that we can see a distribution of orders with double break of structure.
We can expect the price to reach 56$ and continue downside.
Holding SHOP 80C 3/28 @1.95 since 3/14, I'll update this with how it goes
I feel like the chart is straight forward, also my first chart in a long time
Will also do Higher time frame analysis and post it
Timeframes Used: The 15/30 min, 4hr, 5 Day
Above is the 30 minute time frame in which you can see the Bull flag aswelll as the rounding base forming
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Of course, all ideas are my opinion alone. SHOP went a bit crazy last week but still rejected the same gap from the Winter 22' pullback. Looking at this head and shoulders on the daily, PA seemingly looking for a touch of the gap below around $64. May have to wait for the first week of April for the move to be underway. Keep on Watch, with a Bullish Market, $82+...
I could see a short term dip to SMA-trend support levels below.. nice cluster support there.
After that bulls should take control and take it to my targets at 90-118 🎯
last chart from me today, boost and follow for more ❤️🔥 see you soon hopefully
NYSE:SHOP looks pretty good here. It seems to be bull flagging (teal channel) in a solid uptrend both on a shorter term (green channel) and longer term (purple channel) view. Looks like a solid buy here for a continuation higher.
Target 1: 88 (resistance of red downtrend channel from ATH)
Target 2: 105 (resistance of green uptrend channel from Nov. low)
Target...
Shopify stock has seen sideways momentum for the last few weeks despite posting good results in the recent quarter. One of the reasons is the bull run in early 2023 due to which the stock has seen over 60% jump in year-to-date. Shopify has been able to reignite revenue growth in the last few quarters and there are strong tailwinds that can help the company improve...
NYSE:SHOP
-Positive trend and following trendlines
-Exceptions on Octobers (different low trendline)
-Just did a correction and filled a vector
-Already hit the 50EMA in the daily timeframe, and very close to hitting the 800EMA in the hourly timeframe
-A huge gap ~85.5 to be filled, and possible higher targets
-Stop loss slightly lower than ~70 (as it means it...
SHOP made a beautiful good ol’ Cup & Handle pattern and breaking out of it .
I’ve a sizable position already from the lows.
It’s already 2x from the bottom and has potential for 2x more from here.
If market conditions favors the growth names , we can see 2x soon.
70 level acting as support here.
45 would been optimal entry but if you are going long here ,...
Looking at SHOP, retesting it's previous resistance area. If this market continues on the current upswing, I am expecting this to make up for lost time. Great accumulation from April '22 bottom, looks prime to go off. Let's see.
