Shopify Repeating a Familiar Pattern Into EarningsRange chart. Fractals pretty repetitive here. A break in the pattern would result in bearish action. Otherwise, it's bullish for another move higher.
SHOP trade ideas
shopnotes on chart for personal review. Fundamentals are basically useless but attempting to review and follow any norms
Good growth, great possible entry zone approarchingStrong E-commerce site like BABA and AMZN. It seems to have set up for a head and shoulders pattern, my target buy-in range is 700.
Short for near profit but long for the future.
$SHOP coiling ever so tightly$SHOP is another one that respects technicals really well. It's shown strength over the past months in the way it trades within its volatility box before breaking out to form a new trading range. Look at how tight this bullish triangle is.
SHOP with double topHope the next movemet could break current resistance. Either wai for breakout or join at green area
SHOP LEVELSI WOULD GO LONG OVER 928 FOR A MOVE UP TO 958, 973, 1000. IF SHOP FAILS AT 928, IT CAN MAKE A MOVE LOWER TO 870.
Trade Idea: 1000C 7/24
SHOP: Pre-earnings playSHOP has sold off 11% in the past week. Earnings coming on 22nd. This looks like pre-earnings profit taking, which also suggests there may be a pre-earnings bump late next week. SHOP is also testing a reliable trend line for the 5th time and the 20MA for the 3rd time. Looking for entry confirmation with RSI or bullish candle.
$SHOP is Set for Little Horrors on the 700 ClubSHOP is one we called out as a top earlier this month after a major midday reversal that came with no news and in concert with similar reversals in other extremely overvalued new-industry tech names. The trendline is now under pressure.
Expect this to fail and hit that rising wiggly blue line (the 50-day MA) Next. Ultimately, the $700 club is coming here.
Alreaday touch supportSHOP already touch support it may bounce and go to touch resistance.
The ADX indicator is still above 20 (25 right now) wich means the uptrend is still running.
(this is just my opinion, do your DD)
SHOP Broken uptrendBroken from the uptrend channel and bounced back on 21EMA intraday. MACD Showing weakness as well. Losing 920 will expose 845 level
Short SHOPAdding to the maximum stupid series is Shopify. Look at that bullshit. If nothing else people are going to start taking profit after such a massive run up.
There is a reason I am buying puts, I can fix my lose in case things keep getting stupider and I end up being the stupid one for trading against the stupid.
Oct 2020 800 puts.
Cheers,
-Sherem
SHOP - low of bearish engulfing candle broken - PUTSShopify is getting attention for its ultra-rich valuation. Stochastic %K dipped lower on Monday, compared to June 24, and %D has crossed below RSI. Since stock traded below the low of Monday's bearish engulfing candle (with volume), I think today's buying will turn over as more people take profits.
I bought 7/17 850 puts for 2.90. Volume is low on these options, and risk is high. Reward to risk is also high, so if this trade makes you uncomfortable, ask yourself if you can be content buying one contract (using less than $300 capital)?
Shopify IdeaAn idea for SHOP
Short areas for traders in red
However this probably isn't the best short out there, picking tops isn't very wise. Boldness pays however.
$SHOP Suffers Possible "Key Reversal" Day After Bubbly RunSHOP went from up big to down big on Monday after a historic run. This is dead center in the heart of what has been "bubbly" in this market.
If long SHOP (at 50x forward sales), run for the hills. The question remains as to whether or not this is also a warning signal for the larger tech bull trend.
