SHOP trade setup idea 19-september-2022 SHOP has consistently been taking the 29.81-31.79 levels as support multiple times.
This level might not hold longer, causing the stock to plummet to the 28 or 26 levels soon.
Short term bearish.
SHOP/N trade ideas
$SHOP done dropping or can it drop some more.$SHOP Dropped 6% on Friday, current resistance at 34.58, if it fails to break, We can see it dropping back down into the order block around 29.98. Overall trend is bearish. Trendsi Indicators shows bearish momentum. Money Line (white line), EMA crossover (red band), as well RSI showing its moving down with time.
$SHOP running lower🔸️Ticker Symbol: $SHOP timeframe: 15M 🔸️Bearish Pattern 🔸️Investment Strategy: Short
TECHNICAL ANALYSIS: SHOP has a beautiful setup for shorts.. I will be looking at playing the 30 Sept 30p strike for about .80. Combining the sell model, trendsi indicators, and order block trading strategy... all indicate a movement; watch for price to come back into the $33 order block before playing shorts. TP and SL are marked on the graphic!
Looking at Trendsi Dashboard, it's easy to assume that this rise to our entry level will put us at the upper red band of our regression channel; money flow will be in our upper red band; and as we continue to back test these indicators, they have been spot on when determining future price movement. Using technical analysis and these very powerful indicators; I will be buying ITM options, for next weeks exp date.
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RectangleNeutral pattern until a trendline is broken with a trend in that direction.
Also known as a horizontal trading channel and a Basing pattern.
Basing patterns are often seen when a securities are trying to bottom, but by no means does it indicate that a bottom is in.
Rectangles are frequently found at tops as well.
I have been swing trading this between trendlines and doing well with it but that is risky.
This pattern will eventually break one way or the other.
Candle today has a long top wick at this moment )o:
No recommendation.
One experience can be worth a wilderness of warnings.
Shopify is buy opportunity wait for $33 for above $60 for now , after another down is going to make more money
Easy Long...I believe this correction has probably completed at this point and the bottom is in - if not and we break lower the fork is invalid as are the reaction lines - and a new fork would be drawn from our next potential bottom.
SHOP AnalysisPrice seems to be redistributing, once price breaks the market structure by taking the lows at 29.76, we should see price initiating and confirming a downtrend. Price could still possible go up to mitigate the bearish POI at 36.31, but that should hold.
SHOP Tradesetup Idea for 31 August, 2022 - Short/Medium TermSHOP has consistently been taing the 29.81-31.79 levels as support multiple times.
This level might not hold longer, causing the stock to plumet to the 28 or 26 levels soon.
Short term bearish.
$SHOP - giant accumulationSHOP has been accumulating for months, same like META. Sometimes companies take years to accumulate like this. Trade in a channel.
Fire Sale?SHOP looks to be in trouble here folks.
Currently under both 50 and 100 MA and is back under a trend line that goes back to April.
In addition to this, there is a bearish RSI divergence. However, there has been strong support at the $30 area where it has bounced several times.
Remember that the more times a support gets tested the weaker it becomes and the more likely it is that it will fail. Things are not looking too hot on the weekly timeframe either.
For these reasons, I am bearish on SHOP. Price target at about 27 to 28 dollars.
Shopify SHOP - Patience is a VirtueShopify was more or less Canada's version of TSLA or AAPL last year, except it cratered like a memestock. If you look at the monthly, it's an absolute bloodbath, losing 83% in less than a year.
Although prices are currently "cheap" and SHOP seems to be an actually useful company that may have a future, you've got a long way to go before the buying opportunity.
A lot of people see that Shopify spiked to $42 and is down to $32 and think to themselves that it's really quite a discount.
This isn't so bad if you can buy spot and diamond hands it for a few months, but if you're on calls or leverage, you're going to have a bad week.
One of the key tells is that Shopify has been trading in this specific range for three months now. And while it hasn't broken the lows, it did fill its gap during the peak of bear rally hysteria.
And we're now in the feature film "Eight Straight Days of Doom." It's a woke snoozefest, featuring Alec Baldwin. But you paid $27 for a ticket and $318 for a bucket of popcorn and 2 kilograms of Sour Patch Kids, so you're stuck eating 6 weeks worth of calories in 3 hours while watching something unpleasant on an ugly sheet of silver with too many speakers with the volume cranked to the "way too f'in loud" setting.
This is modern human life, and it's nothing to be desired. Traditional human life was much more interesting. The women wore nice dresses, the food was good, and there were harp players and poets in the streets to listen to, instead of Alec Baldwin.
Everything in the market is about to get really scary so that you can sell low in panic and then buy back higher with FOMO starting in October. This is how the game is played.
The caveat to this call is $23 may be too light to enter. Numbers like $18.xx may manifest, although I wouldn't expect those to last for very long.
Either way, that "support" right below $30 is about as useful as trying to hold a bowling ball with a piece of inkjet paper.
Don't get greedy, and don't capitulate. But the upside on Shopify when the Bump and Run Reversal/Return to Normal begins should be quite delicious, if you can wait to buy at the right price and hold on long enough to make it that far.
Shopping for profitShopify
Short Term
We look to Buy at 30.49 (stop at 28.39)
Previous support located at 30.00. There is scope for mild selling at the open but losses should be limited. We look for a temporary move higher. Preferred trade is to buy on dips.
Our profit targets will be 39.51 and 42.30
Resistance: 40.00 / 51.12 / 70.29
Support: 30.02 / 29.72 / 16.90
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good signal in SHOP marketwe have good signal idicate that the market is long but we still dont have good confirmation well wait and see what happen next
SHOP is a BUY - TP1 # 825Shop is a solid entry with panic selling. Upcoming earnings will define the direction. If the earnings turn out to be neutral or 2% up, the stock will find a bottom. Overall, big investors are pulling out with a fear or NFLX and macro-factors.
Love this support areaSHOP has seen better days but I think the worst of it is over. Holding support and a solid R:R long entry area.
Lots of high volume outside reversals today in growth stock landThe market has been moving higher nicely over the past few days, particularly in growth and tech stocks, however, throughout today's session we saw that momentum reverse with a large number of outside reversals and stocks trading from green to red.
Most short and medium-term trends remain in tact higher.
SHOPIFY (SHOP) LONG!Shopify has seen a massive sell-off for quite awhile now and looks like we might be bottoming out for now. We need more time to determine if we are still bearish or reversing. I would like to see a break through those red resistance levels before taking a position.
$SHOP -73% DISCOUNT (52-WK) -83% (ATH)!Shopify is good stock if you are thinking about adding an E-Commerce stock to your watchlist/portfolio.I think its really Shopify vs Amazon in they both just performed a stock split. It is currently showing a possible sign of basing, but I think it has a way to go down! The original Heavy buying positions from IPO '15 is the $13.10 area! The next set of buyers from Dec. '19 to Aug. '22 are @$35 area! Which is good entry to swing to the $176 ATH, but the $13 entry area is a SNIPER! anything in between those two are good entries for long-term.
Shopify is coiled and ready for a massive ripper to the upside. Looks like SHOP has finally found a bottom at around $30 and is now trading inside an accumulation range between $30 -$40. Also volume has picked up since may and I expect a first take profit target of $70.
BIG Money Accumulating SHOP shares? Wyckoff Accumulation FormingOpposite the Wyckoff Distribution is the Wyckoff Accumulation. This is a sign of buying from big money. It shares many elements of the distribution and is broken into 5 phases. I will briefly outline them below...
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Wyckoff Accum Phases
Phase A: Phase A marks the stopping of the prior downtrend. Up to this point, supply has been dominant. We should see volume taper and spreads widen (price-volume divergence). Big money will scoop up shares to create the AR on increased volume. A trading range is created using SC and AR.
Phase B: Is the actual accumulation phase. Prices are low and easy to grab. Expect the price to ping pong within the trading range as big money optimizes their average. Expect many stop hunts and false breakouts to free up shares.
Phase C: It is in Phase C that the stock price goes through a decisive test of the remaining supply, allowing the “big money” operators to ascertain whether the stock is ready to be marked up. The shakeout is the optimal entry point but it does not always occur.
Phase D: If we are correct in our analysis, what should follow is the consistent dominance of demand over supply. This is evidenced by a pattern of advances (SOSs) on widening price spreads and increasing volume, as well as reactions (LPSs) on smaller spreads and diminished volumes. During Phase D, the price will move at least to the top of the TR. LPSs in this phase are generally excellent places to initiate or add to profitable long positions.
Phase E: In Phase E, the stock leaves the TR, demand is in full control and the markup is obvious to everyone.
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I believe the following points are in line with the phases above:
Decreasing volume and a widening spread before the start of the range. It is then followed by buying on increased volume. We have already seen Phase A.
Phase B is the accumulation. Note the increases in volume on the up moves but decreases in volume on the down moves. I think Phase B is mostly over if it has not been completed already.
Phase C will often have a shakeout. SHOP reported earnings and dumped to the lower end of the trading range. Although it did not break the range, I think this was the anticipated shakeout. We have since climbed higher on average volume and have now broken the upper range.
It is reasonable to assume we are in or transitioning to phase D. It is important that we see some form of consolidation to confirm the upward move. If we do not, we could see more tests of supply and moves back into the trading range. We are currently above the 50 Dynamic Moving Average but below the 100 EMA. This shows that the medium-term trend is flipping bullish but the longer-term trend is still down. The vol osc is also showing increases in volume supporting the move upward. Higher time frames also indicate that this trading range formed at previous support.
Overall, I think the stars are aligning to take this stock higher. Eager to hear your thoughts.
Keep on watch todayin some calls from yesterday, if market can hold this has a lot of relative strength and can head back to $40.
