Long
Shopify, Inc. (#SHOP) - First target @ $ 980
$NYSE:SHOP
Technical Analysis: Shopify, Inc - SHOP
💡Shopify Inc. is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario. It is also the name of its proprietary e-commerce platform for online stores and retail point-of-sale systems
#SHOP has been one of the stocks that benefited the most from the Covid 19 crisis: in March 2020 the price was at $ 350.
Since July 2020 the stock has enter in a consolidation channel between $ 900 and $ 1,100.
📈 From a technical perspective, the stock has been posting lower highs since the beginning of October and it is now consolidating on the lower side of the channel.
The MACD is approaching a reversal and with the RSI at 42 the stock has room for a potential upside.
We exclude for the moment an H&S pattern and we identify to target prices: the first one at the 50MA and the second one on the higher end of the channel
Buy price $ 914
First target $ 980 (+7.19%)
Second target $ 1,080 (+18.13%)
Stop loss $ 820 (- 10.31%)
Follow up for Premium members
otbglobalinvestments.com/post/technical-analysis-shopify-inc-shop
Technical Analysis: Shopify, Inc - SHOP
💡Shopify Inc. is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario. It is also the name of its proprietary e-commerce platform for online stores and retail point-of-sale systems
#SHOP has been one of the stocks that benefited the most from the Covid 19 crisis: in March 2020 the price was at $ 350.
Since July 2020 the stock has enter in a consolidation channel between $ 900 and $ 1,100.
📈 From a technical perspective, the stock has been posting lower highs since the beginning of October and it is now consolidating on the lower side of the channel.
The MACD is approaching a reversal and with the RSI at 42 the stock has room for a potential upside.
We exclude for the moment an H&S pattern and we identify to target prices: the first one at the 50MA and the second one on the higher end of the channel
Buy price $ 914
First target $ 980 (+7.19%)
Second target $ 1,080 (+18.13%)
Stop loss $ 820 (- 10.31%)
Follow up for Premium members
otbglobalinvestments.com/post/technical-analysis-shopify-inc-shop
Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.