Shopify - sentiment will changeNote the movement in early Feb (plus $400 or 37% in 7 trading days)
Then the market sold it on (1) earnings, (2) secondary offering, and (3) a reallocation to value
Disclosure: I'm biased growth and $NDX and $SHOP among others.
SHOP trade ideas
SHOP🌦Pattern recognized: Running flat Elliot Correction Wave.
Thesis: Bullish sentiment.
Conclusion: Lower degree correction on the 5 min, look for upside.
My strategy: MEWT (MODIFIED ELLIOT WAVE THEORY).
***This does not constitute financial advice.***
$SHOP has me interested...Has some nice room to the 30 day...flier on a $1,200 call, with a $1,110-$1,090 put in case it goes the wrong way..$1,050 risk, needs almost 4% downside to cover, needs 6% by end of week to the upside to cover, looking for a solid move either direction
SHOP - Free get out of jail cardI am seeing 2 triangle wedge possibilities to get back on our path. Either one is very positive. There are Buy calls on the 2h - 4h. I think the Day call is not far away.
GL and lock and load!
Shop could be a mover soonShop could really get moving here into the end of the week. Eyes on and hoping it is meh until tomorrow afternoon
$SHOP dailyLove how $SHOP held 1145 level today and rallied above 50 ema into close. This should test 1170 tomorrow and if it breaks above that, 1200 coming this week. 1200 weekly calls can work.
$SHOP DAILYI love how $SHOP held 1145 today and closed above the 20 ema. This should test 1170 tomorrow, and if it breaks above that, it will go over 1200 this week. 1200 weekly strike calls could work.
Shopify - note volume bars at $1127 to $1306Might face more selling pressure, but could make a run towards $1300. Either move seems plausible to me (but I favor the move up).
Note the three plateaus in the recent sell off, and the 2 volume shelves at $1306 and $1127.
Shopify has been under pressure for 4 weeks now. And was facing strong selling pressure during the first hour this morning (Friday 3/12). But almost closed green for the day (green shoots of spring?).
Remember this company recently reported almost $3 billion in revenue in 2020, a topline growth in excess of 80%.
Disclosure (I'm long Sep 1100 calls, and a handful of shares).
Shopify - it has been painfulMomentum shifted into reverse and $HOP can't catch a bid.
But I'm not going to chase value stocks.
Bought September $1100 calls and some more shares this week.
SHOP consolidation at the lows, supply zone, targets 1200+ SHOP consolidation at the lows, supply zone, targets 1200+
1200/1220 3/19 1230/1250 3/19 1275/1280 3/19 lottos
fd 1120/1130 1165/1170
SHOP on watchI like SHOP long if it can take out Fridays high. Price has pull back to re-test the long term range. It also flushed down to the 618 and bounced strongly. Targets on a break of Friday's high would be be the fib retracements. Will require support from the NAS.
SHOP Bounce?Shopify shares formed a nice hammer candle on Friday, bouncing off support in the process. Shares should only build up from here as this recent tech crash wears off. Good Luck!
Support and Resistance for SHOPThe dashed lInes repersent some weaker support and resistance where I expect some price reactivity. The solid lines are historical supports and I expect for rejection or larger moves to take place off of. Lows have been swept up last week with large volume which could be a combination of short covering or confident buyers adding to their position. This is significant because it shows that despite the markets downturn, there is still some bullish activity in the stock. This stock has a beta of 1.56 so it will be generally more prone to market volatility. After a worse than expected Earnings report coming in at .99 a share (1.24 expectation) the stock corrected from its pre earning run up. From here a full retrace to 1204 which was a generally accepted price between buyers and sellers is possible. There is also the possibility that price runs back up to the gap at 1322-1335, this could be a very reactive area. Sitting under the December highs I would say that there isn't much of a bull bear bias for this stock quite yet as the market corrects and with the bad earning's report. Note that while Shopify is a leader in it's category- companies like e-Bay, Amazon, and Walmart all offer integrated e-commerce. Furthermore BigCommerce now offers their sellers a chance to directly market and sell their products on the Walmart Marketplace which could be huge for the brand.
SHOP has always been volatileSold off on strong earnings release
Sold off on secondary offering at $1315
Continued weak with broad NDX100 sell-off
My strategy for week no. 9 :
• Assess NDX100 trend by Monday close (is selloff accelerating or abating?)
• On SHOP move toward $1390, trim position (cut long shares by half)
• If SHOP trends toward $1180, convert long shares to in the money Jan 2022 calls
I'm still bullish. Expecting near-term rally to $1390 (not more selloff). But NDX100 is worrisome and could pull SHOP lower.
Shopify looking bullishShopify held key support around ~$1535. As long as its trading above second support line uptrend is intact. Good buying opportunity if price drops into the orange triangle. Expecting uptrend to continue into the coming months.
This is not financial advice.
SHOP entryLooking like a great entry on SHOP. Been on a nice uptrend for a while and might be a good time to enter while markets are down
Classic Bullish Flag Pattern. Wait for pullback to finishGreetings,
I'm bullish on SHOP based on the bullish flag pattern forming on the daily chart. In the short term, however, SHOP is bearish while it completes it's pullback.
Daily (Bullish)
1. In interpret the decline in volume and price as a bullish pullback (bullish).
2. MACD crossover (bearish).
3. SHOP is between monthly and quarterly EMA (buy signal).
4. SHOP is below mean average of $1190 (buy signal).
5. Double Bottom Pattern formed
Weekly (Bearish)
1. Bearish Engulfing Candle
2. Volume and Momentum Declining
3. Weekly Pivot is $907
4. 23.6 FIBO at $1056.50 may offer strong support, since it coincides with the quarterly EMA.
Happy Trading!
Disclaimer. My ideas are for informational purposes only. My ideas do not constitute solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments. You should not construe any such information or other comments as legal, tax, investment, financial, or other advice. There are risks associated with investing in securities. Investing in stocks, bonds, exchange traded funds, mutual funds, options and money market funds involve risk of loss. Loss of principal is possible. Please exercise your own due diligence.
Shopify to $1650 before March 10Shopify new price target: $1650
When: Before March 10
Growth: 12 %
Buy: YES
Trade at your own risks
SHOP - Nice bounce- going to $1460If you saw my previous post "SHOP- The Big Picture" then you would see that SHOP has bounced at one of my trend lines higher than I expected. I have followed this stock and made a lot of money on it since the $200's. I really think after Friday and the bullish close that we are going to $1460 were there will be resistance. Can we break through the 52 Week High recorded recently? That will be a major test. If it does pass $1500 the next peak will sell off so be aware of that.... GL!
