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SHOPIFY INCSHOPIFY INCSHOPIFY INC

SHOPIFY INC

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SHOP/N trade ideas

$SHOP Tests Key Range Support as Thematic Engine Faces Key TestSHOP is one where you really have to ask yourself, "is this bull over?" Because, that's the implications of this pattern, one way or the other. The larger bull market is about this stock, in many ways. It's about the gig economy, and SHOP is the most dramatic manifestation of that idea -- with hundreds of billions of dollars from DC in the PPP program flowing straight to folks in this niche as well. But our short has been up by about $100. And we would put our stop at $1000 and let it play out from here.
NYSE:SHOP
by GregFolin
Shopify Has a Bullish TriangleShopify has been one of the strongest tech stocks since early 2019, leaving Amazon.com and even Tesla in the dust. It’s been quiet recently, consolidating in a tight range, and now that pattern is morphing into an ascending triangle with breakout potential. SHOP began July by moving above $1,000 for the first time, having tripled from early April. It tried to gap higher following a strong quarterly report on July 29, but MACD was falling so the sellers knocked it lower. (This looks very similar to Nio about three weeks ago.) But now MACD is starting to turn positive. SHOP has also held above its August 20 high and 8-day exponential moving average (EMA) yesterday. Those three patterns suggest the short-term momentum may be turning more positive again and moving back in unison with the longer-term uptrend. This may be a sign of momentum buyers returning. TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
NYSE:SHOPLong
by TradeStation
1
SHOP at bottom of channel (Long)Shopify appears to be at the lower level of its present trading channel. May be a good point to begin anticipating a reversal. Although the markets are on a down turn for tech on the TSX as of last few trading days. I am going to watch for a possible long swing position. The overall channel from June 8th supports my position. So does the more recent trading channel in the month of August, so does the moving averages because they are below the stock price and will push it up. Additionally, it has recently had a double top, so it may get really nice if it breaks through 1471 on the upside.
TSX:SHOPLong
by tsx_trader