Short
Fire Sale?
SHOP looks to be in trouble here folks.
Currently under both 50 and 100 MA and is back under a trend line that goes back to April.
In addition to this, there is a bearish RSI divergence. However, there has been strong support at the $30 area where it has bounced several times.
Remember that the more times a support gets tested the weaker it becomes and the more likely it is that it will fail. Things are not looking too hot on the weekly timeframe either.
For these reasons, I am bearish on SHOP. Price target at about 27 to 28 dollars.
Currently under both 50 and 100 MA and is back under a trend line that goes back to April.
In addition to this, there is a bearish RSI divergence. However, there has been strong support at the $30 area where it has bounced several times.
Remember that the more times a support gets tested the weaker it becomes and the more likely it is that it will fail. Things are not looking too hot on the weekly timeframe either.
For these reasons, I am bearish on SHOP. Price target at about 27 to 28 dollars.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.