Similar pattern setting up.
Long Thesis:
- Double bottom out of a broken downtrend
- HIGH SHORT FLOAT: 38%
- Market near all-time high
Could see a pop ahead of earnings, OR earnings could be the catalyst needed to turn this thing around. Market near ATH, plus high short float could see a nice short squeeze and rally.
Don't like the long-term downtrend, ton...
Losing momentum coming into top of trading range.
If we market pauses or turns over we could see a massive wash.
Looking for 60, 40, 35. (notice $15 trading ranges)
Double bottom support, and close to breaking MAJOR downtrend. Volume seems to be confirming on daily, ideally get a big push on increasing volume, then low vol pullback making a higher low.
SHOP has had a massive selloff along with other tech companies. Nice tight consolidation near lows with an increase in Volume = accumulation for a leg up.
Will watch what happens out of this consolidation zone. If breaks below, will look for a pop back into shelf for a SS. If breaks above thesis invalidated.
