Shopify Inc.Long
SHOP testing 91 (failed) support level, if holds going to 94?!
Updated
Looks like SHOP's uptrend line held and we're resuming climb but it won't be clear until 91 level closes/holds as support. If we close < 91, I'm guessing we'll retest the uptrend line again where it intersects around 87.4 support. If we close > 91 (and then open and close > 91 tmrw), I think it'll keep going to test the 94 resistance level and perhaps establish 91 as more solid support. I'd still recommend selling puts for entry here to reduce cost/risk - esp. with earnings approaching, but since I'm holding SHOP long, I'd say enter at least a portion of your desired holding before Aug. 2 ER since recent downgrades offer more room for positive surprise. Beginner charting, thoughts always welcome!
Note
Ouch! Closed just under 91 support so technically it'll probably retest 87.4 tmrw and either hold around there or try again to close above 91...interesting setup as we get closer to that wedge of uptrend line intersecting with 91 before the end of the month...gotta break one way or another from there:) Will look to sell more puts tomorrow near 87 retest...either way, at least it held/recovered uptrend technicals:)
Note
Looking good, closed above 91 yesterday, then opened today above 91 so looking for close > 91 to confirm that level as support. If so, on to 94...anyone buying here should sell the Jul 21 90 puts for ~1.75 now...that's 180/contract pocketed or shares assigned @ 88.25 in less than 10 days. I have limit open for July 85 puts and will sell the 90s if/when we get a dip/rejection off the 94 level...
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