Shopify Inc.Long
SHOP rejecting off 94? If so, back to retest/establish 91
Looks like SHOP is rejecting off 94 resistance so if it closes <94, we may get that 91 retest earlier analysis indicated (which prompted me to close the Oct 90 calls for just small gain & miss the 94/95 test bec. i forgot to look at momentum indicators which i'm learning now...). If so, will be watching MACD, RSI & CCI closely for choosing entry for my first attempt at a weekly swing trade with this. Debating whether to start super small w/ just 100 shares & see how it goes since the 20 is still below the 50 avg. and it may drop further than I expect in which case I could add more - or whether to try to swing it buying call options, which are much riskier. Maybe I'll do both because i have a feeling the hard part for me will be selling shares next test of 94-95 level since I'm so long this company and will want to hold them.
Either way, ideally will try to catch bottom of 91 retest & grab somewhere along high 88s uptrend line if it looks like it will even dip that far & close call options when/if it retests 94-95 again...that way i'll only really risk the amount invested in call options since I'm long the stock & will just hold the shares (and sell puts & maybe calls) if it goes against expectation.
Either way, ideally will try to catch bottom of 91 retest & grab somewhere along high 88s uptrend line if it looks like it will even dip that far & close call options when/if it retests 94-95 again...that way i'll only really risk the amount invested in call options since I'm long the stock & will just hold the shares (and sell puts & maybe calls) if it goes against expectation.
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.