Shopify Key Area - 200 SMA Resistance
I don't want it to be true sooo hoping I'm wrong here... Shopify looks to be entering a short term bearish area.
Still long Shopify overall, think there's nowhere but up for them in the longer term. They've introduced new features for storeowners allowing for capital lending and more so acting like a bank as well as overall improvements to store owners and continued good support. I still believe they are the front runner out of any other shop ecommerce site.
Shop price is currently right below the 200 SMA. Needs to break this level soon, price has already gone through the 50 and 100 sma so we could see a continuation.
chaikin oscillator has divergence from price movement, didn't make a newer high
stochastic oscillator showing overbought
DMI shows weak trend strength, but +DI of 29 is still bullish
ADL diverted from price movement
PVT volume was in line with price movement
CCI, OBV, ROC, and CMF all divergent from recent price movement as well make me think a possible weakening trend strength in the short term.
Still long Shopify overall, think there's nowhere but up for them in the longer term. They've introduced new features for storeowners allowing for capital lending and more so acting like a bank as well as overall improvements to store owners and continued good support. I still believe they are the front runner out of any other shop ecommerce site.
Shop price is currently right below the 200 SMA. Needs to break this level soon, price has already gone through the 50 and 100 sma so we could see a continuation.
chaikin oscillator has divergence from price movement, didn't make a newer high
stochastic oscillator showing overbought
DMI shows weak trend strength, but +DI of 29 is still bullish
ADL diverted from price movement
PVT volume was in line with price movement
CCI, OBV, ROC, and CMF all divergent from recent price movement as well make me think a possible weakening trend strength in the short term.
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