Short opportunity: SHOP

Massive run appears to be topping out. Zacks just rated them as "bear of the day" because "they just don’t make very much money." Overextended after nearly 80% run in the last 4 months. Stock is not HTB
Short around 214
Target 1: 208.87 --- 2.48%
Target 2: 198.61 --- 7.3%
Target 3: 184.15 --- 13.8%
Target 4: 170.22 --- 20.55%

Note

DAILY AND WEEKLY RSI about to go oversold. Looks like a good setup.

Note

Here is how this could play out. To me it seems like we are lined up well. RSI is 69 on the weekly and 68 on the daily. Overbought. But not as overbought as this has gone. RSI HIT 89 on this stock once on the weekly.
In any case.
Right now we appear to bouncing off 220 for the second time out of the last 5 trading days.
This is nice because it gives us a 3% stop on this trade. Not a crazy loss. but its going to make the trade slow to start. Perhaps scaling in a good idea even though it could raise the fee a bit on the trade. I think it would be worth it since or first profit target is less then 3% away. Keep the 220 stop right off the bat then buy more a target 1.

This just looks right to me

Note

Made higher high. Putting this on the back burner for now a few days. Alerts set just in case the wheels fall off

Noxtreme

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