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SHOP opens >91, testing 94 level - will it hold or to 91 again?SHOP closed yest. above 91 and opened today > 91 so I'm looking for a close > 91 to confirm this level as support. If we close above 91 today then def looks like it's heading to test/break through the 94 resistance level and establish that as support. Based on recent action it may reject off the 94 level today but I'm guessing we'll be crossing through that pretty soon if 91 support holds which I expect it will. Anyone buying here should sell the July 90 puts to reduce avg. or get assigned shares < 89 in less than 10 days. If I see close > 91 today closer to the 94 level, I'll look to buy calls bec. I think we're def gonna retest 100 in short order!
NYSE:SHOPLong
by heidib
SHOP testing 91 (failed) support level, if holds going to 94?!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!
NYSE:SHOPLong
by heidib
SHOP testing 87.4 support, still flirting wth uptrend line!So far, SHOP has tested lower support levels but uptrend line has held by close each time. Looks like it's poised for a bigger move either up or down given that wedge we're in now (which will be determined Monday July 10). Looks like a close above 86 keeps uptrend intact & depending on if it closes closer to the top of today's candle/wick vs. the bottom we'll know what to expect re: breaking out of that wedge (top of candle suggests moving up, bottom would suggest down)...looking good but i'm still waiting to see how we close today and over next days leading up to that wedge uptrend intersection point - guessing back up but could still go either way imo! Regardless, it's def safe to sell some puts for entry/adding anywhere under 91 - even if it does go down for a little while it remains SOLID long! Beginner charting, thoughts welcome:)
NYSE:SHOPLong
by heidib
SHOP uptrend line holds, retests 87.4 - will it close above?Ok looking good. Bounced off the 84.5 trend line, tested/rejected the 87.4 new support but holding > 86 well. Uptrend intact:) Is it fake? We'll know if it closes above or below the uptrend line intersection at ~85. If above, uptrend still intact. If below, could still head lower to complete the head and shoulders. Personally, I think it will hold & either retest and/or break through the 87 level Monday. Though Monday will still be a holiday weekend so i expect volatility due to low volume and likely bear attack before Wednesday - ideal breakout setup would be a doji at the trendline at Monday's close:) Beginner charting - take my expectations with a grain of salt!
NYSE:SHOPLong
by heidib
SHOP rejects off 91 resis, H & S retest of 84.4 uptrend line?Looks like ever since the 91 offering, SHOP's been trying to find new support (~87.40?) burdened by bear raids...looking like clear head & shoulder forming but will need to break/close below that long uptrend line (84.4) to be sure it's reversing down...personally I think we'll retest that line & it'll hold (providing excellent entry as anything under 91 is solid) and likely bounce off for eventual higher highs - ESP. if ~Aug. 8 earnings encourage...this is a hold long/avg. down during dips company, so don't take any loss here! Personally I'm waiting for retest of 84 level to sell massive puts if it holds. Otherwise, I'll wait and sell even more puts later. I'm also holding Oct. 90 calls at small loss now, which I'm waiting for uptrend test/hold before averaging down. Should have closed them when they were up 20%, lesson learned. Any pros see any problems with the trend/support/res lines I've drawn? Beginner, thoughts welcome!
NYSE:SHOPLong
by heidib