Shopify looks to be in a support area, with lot's of strong fundamental news coming down the pipeline. Provided the greater equity market stays bullish, this should make a run for the $235~ area sometime this summer.
Note
Great bounce so far, razor sharp off that .618 fib. I am still leaning bullish, however we do have a "rug pull" setup still in the overall equity markets. We will have to wait and see. Putting a stop in around 140 would make sense here.Note
A slight pullback possible here - likely $170 before further upsideNote
What a beautiful trade this has been so far (25%~ in less than 8 weeks). We are at the old high, so likely stall a bit here before squeezing up to our final target.Trade closed: target reached
Target reached. We will hit the blue TL shortly. There may be enough gas to hit the fib at $237, but too soon to tell. The overall market is setting up for a blow off top - so it could even reach the 1.382 fib at $258 in that scenario. However not an area to be buying - stop losses would be a good idea for those looking to squeeze the last juice out of this trade.Note
SHOP is starting to roll over, we have a rug pull setup in equity markets. Minimum correction I would expect is $200, also $188 and $177 are downside fibs. From there we will re-assess. I expect overall markets will continue charging higher, however we are due for a washout.Note
Coming into support here - We are near major support in the overall indices (S&P/Nasdaq etc) - this levels NEEDS to hold. Otherwise we could be in for a nasty selloffNote
Bounced off that fib at $188. Markets *should* start to move higher, but we still have a rug pull setup... maybe 30% chance we have a nasty drop in the next week or two.
White Lake Investment
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White Lake Investment
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.