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!
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