SHOP trade ideas
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!
great chart request!this middle trendline has acted as support/resistance plenty of times in the past... right now its acting as support, so SHOP remains bullish as long as it holds. long 1423 stop loss 1323 price target 1513
$SHOP with a Bullish outlook following its earnings #StocksThe PEAD projected a bullish outlook for $SHOP after a negative over reaction following its earnings release placing the stock in Drift C
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Shopify - What's your time horizon?If your time horizon is more than one month, you might consider the recent post earnings pullback, as an opportunity to accumulate $SHOP
Otherwise just wait for the $NDX to settle.
$SHOPEntry price : 1196.74
Fundamentals :
- Sector: Software
- EPS % Chg (Last Qtr): 348%
- EPS % Chg (Previous Qtr): 215%
- 3 Year EPS Growth Rate: 101%
- EPS Est % Chg (Current Yr): 1070%
- Sales % Chg (Last Qtr): 97%
- Sales % Chg (Previous Qtr): 97%
- 3-Year Sales Growth Rate: 57%
- Annual Pre -Tax Margin: 5.8%
SHOP to $1499Shop is in a nice triangle. support is 1439.24 and first resistance is 1466.41 overall move is to 1499.67
Great changes to buy shopify cheaper on MarchActually overheaded, the stock may be cheaper in march and a good buy strategy, when it goes in the area of 50 MA. New highs later should be possible
Evening star pattern, up 25% just in February prior to earningsSHOP has been a beast for along time! It has runup 25% just in February, so be careful for earnings on Feb 17th. The past 3 days show a bearish evening star pattern (not 100% perfect). I calculated the implied move to be 6% or $90 dollars. Options - 1068 in $1500 weekly calls, over 1600 in $1200 weekly puts. If you know how to play iron condor, I think that is best earnings trade o capture premium. They beat last earnings and raised expectations , its going to be hard to repeat, imo. Have a great long wknd!
