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SHOP

SHOP: Short Term Correction Before We Hit $205 TargetObservations We are currently in the intermediate 3rd wave of the major 5th wave. Based on Elliott wave count, it appears that intermediate 3rd wave is complete which means we are due for a correction. Expecting wave 4 to be a small correction within 0.236 - 0.382 fib zone as wave 2 was a very significant correction to 0.786 fib. Target price for the intermediate 5th wave appears to be around $205.00 based on 1:1 ratio of the 1st wave. Side Note: I absolutely love SHOP. It is definitely a great company to be holding long term. I have been in since $32.00 but have sold late October year for about $147.00 to reinvested those gains into my MJ stocks :) Disclaimer For informational purposes only and not deemed as financial advice
TSX:SHOPLong
by modernpicasso
Cautiously Bullish on SHOP by selling Put Credit SpreadsSell the Feb 16 SHOP 100/95 Put Credit Spread for $0.65 or better, for a 13% (not counting commissions) return within 35 days. Stop loss should be if the spread increases to $1.30. SHOP has held the 61.8% retracement of the Sep 17 high to Oct 17 low and is clearing the way for higher moves. Playing it with selling a put credit spread and receiving $65 for every $5 wide contract sold, for a potential 13% Return on Risk over 35 days. Happy Trading Lindosskier
NYSE:SHOPLong
by lindosskier
SHOP setting up to break 94 resistance? 1 White Soldier on dailySHOP opened higher than Fri close and is sitting right around yesterday's high of 93.3. If it closes > yest. open 92.22 (ideally > yest. high) it'll look like a clear bullish 1 White Soldier bouncing off long uptrend line & testing/establishing 94 as support. But since the white soldier isn't technically at support yet (so far, 94 still resistance), it may just be signalling bullish momentum heading into Aug. 1 ER but we may see the price staying in the 91-94 range with tests of 90 & uptrend line and tests > 94 til then per previous analysis. Best to sell puts and enter/go long ~91 regardless since any news could easily send this through 100 & solid long:)
NYSE:SHOPLong
by heidib
SHOP rejecting off 94? If so, back to retest/establish 91Looks like SHOP is rejecting off 94 resistance so if it closes <94, we may get that 91 retest earlier analysis indicated (which prompted me to close the Oct 90 calls for just small gain & miss the 94/95 test bec. i forgot to look at momentum indicators which i'm learning now...). If so, will be watching MACD, RSI & CCI closely for choosing entry for my first attempt at a weekly swing trade with this. Debating whether to start super small w/ just 100 shares & see how it goes since the 20 is still below the 50 avg. and it may drop further than I expect in which case I could add more - or whether to try to swing it buying call options, which are much riskier. Maybe I'll do both because i have a feeling the hard part for me will be selling shares next test of 94-95 level since I'm so long this company and will want to hold them. Either way, ideally will try to catch bottom of 91 retest & grab somewhere along high 88s uptrend line if it looks like it will even dip that far & close call options when/if it retests 94-95 again...that way i'll only really risk the amount invested in call options since I'm long the stock & will just hold the shares (and sell puts & maybe calls) if it goes against expectation.
NYSE:SHOPLong
by heidib
SHOP opens >91, testing 94 level - will it hold or to 91 again?SHOP closed yest. above 91 and opened today > 91 so I'm looking for a close > 91 to confirm this level as support. If we close above 91 today then def looks like it's heading to test/break through the 94 resistance level and establish that as support. Based on recent action it may reject off the 94 level today but I'm guessing we'll be crossing through that pretty soon if 91 support holds which I expect it will. Anyone buying here should sell the July 90 puts to reduce avg. or get assigned shares < 89 in less than 10 days. If I see close > 91 today closer to the 94 level, I'll look to buy calls bec. I think we're def gonna retest 100 in short order!
NYSE:SHOPLong
by heidib
SHOP testing 91 (failed) support level, if holds going to 94?!Looks like SHOP's uptrend line held and we're resuming climb but it won't be clear until 91 level closes/holds as support. If we close < 91, I'm guessing we'll retest the uptrend line again where it intersects around 87.4 support. If we close > 91 (and then open and close > 91 tmrw), I think it'll keep going to test the 94 resistance level and perhaps establish 91 as more solid support. I'd still recommend selling puts for entry here to reduce cost/risk - esp. with earnings approaching, but since I'm holding SHOP long, I'd say enter at least a portion of your desired holding before Aug. 2 ER since recent downgrades offer more room for positive surprise. Beginner charting, thoughts always welcome!
NYSE:SHOPLong
by heidib
SHOP testing 87.4 support, still flirting wth uptrend line!So far, SHOP has tested lower support levels but uptrend line has held by close each time. Looks like it's poised for a bigger move either up or down given that wedge we're in now (which will be determined Monday July 10). Looks like a close above 86 keeps uptrend intact & depending on if it closes closer to the top of today's candle/wick vs. the bottom we'll know what to expect re: breaking out of that wedge (top of candle suggests moving up, bottom would suggest down)...looking good but i'm still waiting to see how we close today and over next days leading up to that wedge uptrend intersection point - guessing back up but could still go either way imo! Regardless, it's def safe to sell some puts for entry/adding anywhere under 91 - even if it does go down for a little while it remains SOLID long! Beginner charting, thoughts welcome:)
NYSE:SHOPLong
by heidib
SHOP uptrend line holds, retests 87.4 - will it close above?Ok looking good. Bounced off the 84.5 trend line, tested/rejected the 87.4 new support but holding > 86 well. Uptrend intact:) Is it fake? We'll know if it closes above or below the uptrend line intersection at ~85. If above, uptrend still intact. If below, could still head lower to complete the head and shoulders. Personally, I think it will hold & either retest and/or break through the 87 level Monday. Though Monday will still be a holiday weekend so i expect volatility due to low volume and likely bear attack before Wednesday - ideal breakout setup would be a doji at the trendline at Monday's close:) Beginner charting - take my expectations with a grain of salt!
NYSE:SHOPLong
by heidib
SHOP rejects off 91 resis, H & S retest of 84.4 uptrend line?Looks like ever since the 91 offering, SHOP's been trying to find new support (~87.40?) burdened by bear raids...looking like clear head & shoulder forming but will need to break/close below that long uptrend line (84.4) to be sure it's reversing down...personally I think we'll retest that line & it'll hold (providing excellent entry as anything under 91 is solid) and likely bounce off for eventual higher highs - ESP. if ~Aug. 8 earnings encourage...this is a hold long/avg. down during dips company, so don't take any loss here! Personally I'm waiting for retest of 84 level to sell massive puts if it holds. Otherwise, I'll wait and sell even more puts later. I'm also holding Oct. 90 calls at small loss now, which I'm waiting for uptrend test/hold before averaging down. Should have closed them when they were up 20%, lesson learned. Any pros see any problems with the trend/support/res lines I've drawn? Beginner, thoughts welcome!
NYSE:SHOPLong
by heidib