Shopify Strong Support Long & Possible Continuation Play
SHOP Daily timeframe seems to be testing top of previous range which is a strong support
Volume dropped until last hour
Bullish divergence on hourly RSI
Bullish volume spike last hour of the day (highest hour volume of the day)
My target is previous resistance range
This Is Not Finacial Advise
Shopify
Only clear skies ahead?Our range play has turned into a full continuation phase to the upside. We couldn't have predicted this strong of a bounce it has even outperformed AMZN. I could list a series of "fundamental stories" for why it has had a great run but when you trade with a model you don't have any. As long as shop holds above its previous range state and the net up vs down volume stays positive we will continue to hold.
SHOP to test 1108 soonShopify is flying after breaking through it's symmetrical triangle the other day and also because of the 21% increase in online sales(highest ever) on Black Friday. SHOP looks to have resistance at 1058 and 1108 but with this momentum looks to break through 1058 soon. With this time of consolidation this may be the breakout moment much higher......
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BIGC looking like itll have another $30 rally soonLooking at the Day Chart you can see that its pretty clear that BIGC might retouch the $70 level
Once it does that i do think that well bounce off that AS LONG AS THE MACD TURNS DIRECTION
You can also see that the last time we had the Mom indicator at these levels it was the start of the bull reversal that took us straight to $108
The Accelerator Oscillator indicator is also showing signs of bullish movements which in turn is showing the bear trend weakening
A solid buy would be right now or waiting a couple day to see if BIGC goes down to the $70 level
If MACD switches sides we are looking at another rally to $108 as well as other tech following
So far i have noticed that BIGC is a leading indicator of other Tech
Earnings will also be a good indication of the direction
SHOP TSX : Technical Analysis - 21 Oct 2020Based on daily time frame : Shop is currently in its down trend seeking its support levels S1 : 1270 and S2 : 1200. RSI is also depicting a downtrend. Anticipated buying range could be in the range of 1270 - 1290. If it breaks S1 at 1270 next buying area will be around 1180 -1200. Since earning date is near on 29 Oct, it is likely that the share price may go up after touching S1 level. Based on the historical trends shop's share price tend to go up a day before its earning date and is very short lived. Take your decisions accordingly for a short term gain.
SHOP Shopify breakout ? LongSHOP looks like it could be ready for another leg up. Smaller ascending triangle up around closing 1072... and potential downtrend break after hours. Watch the 1073 breakout area and up to 1100 as overhead resistance--1040's closest support. If rejected-- that's a play in itself but am hoping to see a breakout on this one.