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SHOPIFY INCSHOPIFY INCSHOPIFY INC

SHOPIFY INC

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SHOP/N trade ideas

$SHOP Stock Shows Promising Breakout with Upside Potential Introduction Shopify Inc. ( NYSE:SHOP ) has been garnering significant attention in the stock market as it breaks out of multiple weeks of consolidation. This Canadian e-commerce giant has witnessed remarkable growth over the years, and recent technical analysis suggests that there is substantial upside potential for the stock. In this article, we will explore the factors behind Shopify's breakout, examine the potential for further gains, and discuss a potential entry point for long positions. Shopify's Breakout from Consolidation After several weeks of trading within a tight range, Shopify's stock finally managed to break out above its consolidation pattern. This breakout indicates a significant shift in the stock's price direction, and technical traders have been quick to take notice. The breakout is a signal of potential upward momentum, with the stock showing strong bullish sentiments. The Upside Potential With the breakout from consolidation, Shopify's stock now has ample room for further gains. As the company continues to innovate and expand its e-commerce platform, it is attracting more businesses and consumers to its ecosystem. The ongoing shift towards e-commerce and the rise of online businesses have provided a tailwind for Shopify's growth, and this trend is expected to continue in the foreseeable future. Furthermore, Shopify's financial performance has been impressive, with consistently robust revenue growth. The company's strong quarterly results have reassured investors of its long-term sustainability, which has contributed to the positive sentiment surrounding the stock. As Shopify expands its international presence and introduces new features and services, it is likely to attract more merchants and drive further growth. Waiting for a Long Opportunity While Shopify's breakout presents a compelling opportunity for traders and investors, it is crucial to exercise patience and wait for an optimal entry point. The ideal scenario for long positions would be a retest of the weekly breakout, around the $67.3 level. This level would act as a support level, providing a more attractive risk-to-reward ratio for long positions. By waiting for a retest, traders can confirm that the breakout is genuine and that the stock has the potential to continue its upward trajectory. Timing is crucial in the stock market, and entering a position at the right moment can significantly impact potential gains. Conclusion Shopify Inc. ( NYSE:SHOP ) has captured the attention of the market with its breakout from weeks of consolidation. The stock's impressive upside potential is driven by the company's continuous growth in the e-commerce sector and its strong financial performance. As the online business landscape continues to expand, Shopify is well-positioned to capitalize on this trend. For traders and investors considering a long position in Shopify, it is essential to wait for an opportune moment. A retest of the weekly breakout around the $67.3 level provides a compelling entry point with a favorable risk-to-reward ratio. As always, it is crucial to conduct thorough research and consider market conditions before making any investment decisions. While Shopify's breakout presents an enticing opportunity, prudent risk management and disciplined trading strategies should guide all investment activities.
NYSE:SHOPLong
by GodwinAlgoKK
1
Breakout Trade in SHOPShopify is emerging from a beautiful Stage 2 base. SHOP is up more than 100% since the start of a year – a clear sign this is a market leader. Notice how volume is higher on the rallies up and lower when the stock pulls back. This is a subtle clue that buyers are in control and the smart money is building a position. The breakout on Thursday came on 2X its average daily volume and the stock closed at the high of the candle – both good signs of a legitimate move. I want to see SHOP stay above the breakout level or, at a minimum, above its 21-day moving average (blue line on chart).
NYSE:SHOPLong
by rossgivens
loving this SHOP setup☕❤shop must break 67/local trend resistance before next leg higher comes 👇 I am seeing many bullish signs at the moment though, look at perfect 50SMA bounces and how it acted in the past when that happened... RSI is not so overbought and also holding well above a very strong trend support... so even if we dip then push higher may still follow after. currently in consolidation before the breakout, like we have seen in many other names recently. Boost and follow for more.. thanks 💛
NYSE:SHOPLong
by Vibranium_Capital
Watchlist 2023-06-16 $ENVX $CRWD $MU $SHOP $CMAAMEX:SPY hitting 14 month highs on Thursday, rallying this Friday the morning, likely lead by NVDA's price target and weighing upgrade by MS. Changing their price target from $450 to $500l. Chips stocks gapping up For further confirmation of a trend day, watch for: USI:ADD pinned near +\-2000 USI:VOLD ratio over +/- 3 USI:TICK cumulating past 0 wicking to +/-900 NASDAQ:ENVX - Enovix hits Q2 milestone early, producing 18K battery cells. Gapping up 1.75 ATRs ABOVE the yearly cup and handle res at 15.25. HOWEVER, RVOL at time is only 0.4 so we will need to see the vol pick up in the morning, Typical first 5 min bar is ~100K , so a 200K bar which be a good indication that RVOL has arrived. Support 14.72 Resistance 19.29 Inflection 15.25 Lots of other BO's setting up this morning. NASDAQ:CRWD - Mizuho Adjusts Price Target on CrowdStrike to $180 From $175, Maintains Buy Rating. Support trade off 161.40 if we see buyers stepping up. Need to has multiple touches of the key level and retest in the range for confirmation. If there is a weak bounce after the initial test, that is a signal to either reduce position or get out. NASDAQ:MU - rallying off NVDA's news that morgan Stanley increases their price target again from $450 to $500, while saying AMD will be a lagger. If MU can find a bid, there is plenty of room to 74. NASDAQ:AMD - if chip stocks sell off today, looking for find a place to short ADM as it is the onlly chip not rallying this AM. NYSE:SHOP = buy over 67 NYSE:CMA - RVOL over 2, over 44.25 is a long Comment what you are watching!
NYSE:SHOP
by UnclePennybagss
Someone accumulating SHOP post earnings?Yet another Wyckoff pattern. I believe this pattern matches the Wyckoff schematic shared in the chart. I am making my list and checking it twice... Wyckoff checklist: PS—preliminary support, Done SC—selling climax, Done AR—automatic rally, Done ST—secondary test, Done Spring - optional, Done Test— test, ACTIVE. We are looking for a series of higher lows to confirm the uptrend. We have yet to confirm the first higher low. SOS—sign of strength, LPS—last point of support, BU—“back-up”,
NYSE:SHOPLong
by Decam9
6
$SHOP Ready to Buy?NYSE:SHOP – I have been looking at Shopify since earnings and it looks to me that it is ready to buy, in fact I started a ¼ size already this morning. See chart for my notations. This may be actionable “if” it fits your trading style. It has been basing for about 14 months now. A traditional break-out would be a close over May 23rds high of 65.54. I am early and already a little underwater, but my stop will be a close under the earnings AVWAP (lime green line). Ideas, not investing / trading advice. Thanks for looking. Constructive comments always welcome.
NYSE:SHOPLong
by jaxdog
SHOPIFY targeting 75.00It's been 10 months since we last analyzed Shopify Inc. (SHOP) and called for a $60 target (see chart below): The stock recently hit that level and we now see that it's trading within a Bullish Megaphone/ Channel Up combo pattern. With the 1D MA50 as its Support and recent strong fundamentals, we now set the next medium-term target at $75.00 to fill Gap 3. The 1D RSI has been on a Higher Lows trend-line, clearly indicating the most optimal buy entry within the pattern. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
NYSE:SHOPLong
by TradingShot
1