SHOP trade ideas
SHOP: Bullish Pendant FormedI am bullish on SHOP for 4 reasons:
1) We held the 1W MA and it has acted as support since Feb 28. It is curling up, meaning that the trend is now bullish.
2) We have formed a bullish pendant on the daily and weekly time frame.
3) We have recently touched the green Bollinger band on the RSI.
4) The 0.236 fib level at 59.91 recently acted as support.
I am long until the earnings call on August 2 with a price target of $82, which corresponds to the 0.382 fib level and the previous support/resistance level back in Feb 2022. Stop loss is below $55.
Bullish Alert : SHOPOn the 15 minutes chart there is a possible new bullish wave ready to go.
Early bullish cross with price that is working to create a positive action.
Waiting for a move above $57
Watch SHOP for Support on VolumeLooking for consolidation and/or bounce with volume on NYSE:SHOP this upcoming week to get long.
Overall market cooperation is likely needed. Especially mega cap tech and semis. Those charts aren't looking good. So relative strength (consolidation) may be interesting for long with stop just below prior resistance/pivot?
Bearish Alert : SHOPFor Shopify first bearish cross in a while on the daily chart.
Price action will become negative below 55.2
On watch for a potential bearish topSwing
SHOP Entry, Volume, Target, StopEntry: when price clears 65.54
Volume: with daily volume greater than 17.46M
Target: 75 area
Stop: depending on your risk tolerance; 62.40 gets you 3/1 Risk/Reward.
This swing trade idea is not trade advice and is strictly based on my ideas and technical analysis. No due diligence or fundamental analysis was performed while evaluating this trade idea. Do not take this trade based on my idea, do not follow anyone blindly, do your own analysis and due diligence. I am not a professional trader.
Shopify Corrective Move and Potential TargetsHi guys! This is a Technical Analysis on Shopify (SHOP) on the 1 Week Timeframe.
Since its not the end of the Week, we have to wait till the end of week to see how this week's candle closes.
We ATTEMPTED to break
->1. The ORANGE resistance zone above the 1 FIB level
->2. The "MAJOR RESISTANCE" labeled line that represents a RESISTANCE trend that formed from the PRICE TOP.
WE WERE REJECTED after trying for 4 weeks (july 10th to August 7th).
The 4th weeks candle closed as an ENGULFING BEARISH candle.
Note: For price to break any trend line, it requires a minimum of atleast 3 major tests
This current one in my opinion, ONLY MAKES 2 touch points.
This strengthens the reason of why we got rejected.
So far this weeks candle is showing a much SMALLER body than previous weeks.
This can be an indication that perhaps SELLING is slowing down.
But come end of week, the CURRENT BODY cannot close larger than Today August 9th Candle.
We are currently:
-> BELOW the 21 EMA
-> Breaking the RED Channel i drew out
-> 0.786 FIB Level
Heading straight to the SUPPORT zone comprising of:
1. SUPPORT Horizontal black line
2. 0.618 FIB Level
3. The base of the DESCENDING Triangle.
***Being a confluence of 3 SUPPORT levels -> I believe us to attempt a bounce from the $53.00 area, maybe to retest the "MAJOR RESISTANCE" trendline
In my opinion, its important that we can somehow get back above these key levels come end of week.
If we cant, probabilities are pointing towards a small corrective move
Especially the 21 EMA, looking left reveals patterns where price can fall for upto couple weeks to even couple months.
Which can even validate or increase the probability of the descending triangle to play out
If that happens we will test:
1. First, the 0.5 FIB level at $47.44
2. Then the 0.382 FIB level, which is also around a intermediate Resistance turned SUPPORT line.
3. Worst case scenario = Range of 0.236 FIB level at $34.91 to about $23.90
----->*****going any lower would invalidate the current MACRO BULLISH trend****
-----> But going this low can have create some bullish patterns like a double bottom. But overall its just as of now, less probable.
But we have to just focus one step at a time, worrying about a target level, if the previous trend is broken and confirmed.
Ex). -> If we break below the 0.5 FIB level and confirm, only then is the 0.382 FIB lvl likely.
The STOCH RSI is showing BEARISH move down to the 20 level, we can continue to move below the 20 level and even stay down here for weeks to couple months. But the longer we stay at low levels especially those below 20 level, price tends to decline further.
So we need to pay attention to the level it ends up at.
The RSI is testing a SUPPORT zone, below it can indicate further price drop. Also notice that the RSI line is below the BLACK moving average. If you look left, if we are below it for extended periods RSI continues to drop, along with price. Keep this in mind.
Lastly, the ADX GREEN line, is on a decline, getting close to meeting with RED line. If a cross occurs, more BEARISH momentum can enter the stock. This could increase the probably that the correction continues for a longer timeframe.
We would need GREEN line to curve up and try to get ABOVE resistance line.
Stay tuned for more updates on SHOP in the near future.
Thank you for taking the time to read my analysis. Hope it helped keep you informed. Please do support my ideas by boosting, following me and commenting. Thanks again.
If you have any questions, do reach out. Thank you again.
DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. When trading always spend majority of your time on risk management strategy.
SHOP to 69SHOP daily chart could find channel support. With a break of the channel, gap fill around 48 is in play. Potential profit target of $69 in both scenarios.
SHOP to 75As you can see on the chart's bottom, when green line goes below 0, the following movement is a strong long one.
If we look up to this pattern on different timeframes, we could see the same.
The indicator's name is konkorde. But this indicator is not enogh to analyze.
You can use a oscilator as slow stochastic to have more information
Timeframe is 150min because I think is a middle point betweeen short term and medium term trading.
Bull momentum of Shopify has been completely releasedBull momentum of Shopify has been completely released
This chart shows the weekly candle chart of Shopify stocks over the past two years. The top to bottom golden section at the end of 2021 is superimposed in the figure. As shown in the figure, since the completion of the form at the end of October 2022, it has risen by 4 small bands, and theoretically, the bull momentum has been completely released! This week, Shopify's stock has made a significant pullback, returning to below the 2.382 position in the golden section of the chart! In the future, it is likely that there will be a longer period of bull rest!
SHOP LONG 3rd Aug,2023I am long in SHOP and targets will be huge. Wait for my analyis and if you do understand the trade then enter it. SPY SHOULD RETRACE MORE SOplan your trade accordingly
$SHOP - SHORT TERM BIAS SHIFTS BEARISHNYSE:SHOP
www.tradingview.com
Shopify has been on the rise following the general market, it is up almost 200% from the low it formed in October, 2022. The stock is approaching the Macro supply zone formed by the 2022 downtrend. Currently, the stock seems overextended on the short term and a micro reversal is expected.
Here are the points supporting this analysis:
1. Price created the Overdrive Pattern AKA The Three Indians pattern
2. We are still at a point where investor sentiment doesn't mirror Macro-economical sentiment
3. Price got rejected from the premium quartile (0.75 level) of the Weekly trend
4. Technical Oscillators are overextended and showing exhaustion. RSI is showing a triple Divergence and the 14 EMA is pierced. MACD BEAR crossover is commencing.
5. Decreasing Volume while Price is increasing on the Weekly chart (Volume Divergence) (look at the MA of the volume and trend of the price since the low in OCTOBER 2022 was formed)
6. July's Monthly candle is showing indecisiveness with decreasing volume when compared to June's Candle
7. Downgrade of the US debt credit rating to "AA"
8. ISM Manufacturing Index is down for the month of August
Here are the point invalidating this analysis:
1. The Monthly sentiment is Bullish
2. Earnings beat Wallstreet estimates
3. The weakness of the last 3 bearish candles on the Weekly chart
Overall, I am expecting the price to keep increasing on the Macro level. However, short term bias is shifted to a bearish outlook following the idea of counter trending and speculating Macro trends on Micro levels. Shorting the stock from here would put your stoploss at a risky position, a bullish pullback on the intraday charts is favorable for a possible entry. Take profits at the supports mentioned below and model your risk. If you are a bag holder, holding this stock is favorable at the time and adding at $40.61 is a good price.
Support levels:
$60.46 (inner low)
$55.34 (external low)
$40.61 (Macro Demand Zone)
Resistance levels:
$68.63 (recent high)
$74.23 (lower barrier of the supply zone)
$78.00 (upper barrier of the supply zone)
What yall think? Share your analysis
Shopify $SHOP TP 78 Shopify NYSE:SHOP if October 2022 low is in and earnings next week is good then weekly chart with TP 78 - - above 40 weekly MA under daily 20 MA -dydd - or wait after the earnings !! risky
there may reach 70If we do not fall below 23, the nearest goal is 32, if we go higher after the rollback, we will work out the head and shoulders with the goal 37. Then you can leave a small fraction, with the possible development of the Wyckoff method, there may reach 70.
Technical and digital analysisWe notice that we are in a small upward correction, and we notice that there is momentum to buy in the belly of a strong selling wave, and we see that there is a divergence
SHOP Shopify Options Ahead of EarningsIf you haven`t sold SHOP here:
or considered this buy area:
Then analyzing the options chain and the chart patterns of CAT Caterpillar prior to the earnings report this week,
I would consider purchasing the 67usd strike price Calls with
an expiration date of 2023-8-11,
for a premium of approximately $3.50.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
$SHOP Pullback SetupNYSE:SHOP been very choppy in this area but tested 50 MA couple weeks back and had a strong 4 day bounce to new highs.
The stock has now pulled back to the 21 EMA and has the looks of a pullback buy setup.
Bearish Alert : SHOPHourly Chart.
Double bottom at $65.40 with ema 21 at the test of the ema 50.
The action of the price is very slow but positive.
$SHOP Stock Shows Promising Breakout with Upside Potential
Introduction
Shopify Inc. ( NYSE:SHOP ) has been garnering significant attention in the stock market as it breaks out of multiple weeks of consolidation. This Canadian e-commerce giant has witnessed remarkable growth over the years, and recent technical analysis suggests that there is substantial upside potential for the stock. In this article, we will explore the factors behind Shopify's breakout, examine the potential for further gains, and discuss a potential entry point for long positions.
Shopify's Breakout from Consolidation
After several weeks of trading within a tight range, Shopify's stock finally managed to break out above its consolidation pattern. This breakout indicates a significant shift in the stock's price direction, and technical traders have been quick to take notice. The breakout is a signal of potential upward momentum, with the stock showing strong bullish sentiments.
The Upside Potential
With the breakout from consolidation, Shopify's stock now has ample room for further gains. As the company continues to innovate and expand its e-commerce platform, it is attracting more businesses and consumers to its ecosystem. The ongoing shift towards e-commerce and the rise of online businesses have provided a tailwind for Shopify's growth, and this trend is expected to continue in the foreseeable future.
Furthermore, Shopify's financial performance has been impressive, with consistently robust revenue growth. The company's strong quarterly results have reassured investors of its long-term sustainability, which has contributed to the positive sentiment surrounding the stock. As Shopify expands its international presence and introduces new features and services, it is likely to attract more merchants and drive further growth.
Waiting for a Long Opportunity
While Shopify's breakout presents a compelling opportunity for traders and investors, it is crucial to exercise patience and wait for an optimal entry point. The ideal scenario for long positions would be a retest of the weekly breakout, around the $67.3 level. This level would act as a support level, providing a more attractive risk-to-reward ratio for long positions.
By waiting for a retest, traders can confirm that the breakout is genuine and that the stock has the potential to continue its upward trajectory. Timing is crucial in the stock market, and entering a position at the right moment can significantly impact potential gains.
Conclusion
Shopify Inc. ( NYSE:SHOP ) has captured the attention of the market with its breakout from weeks of consolidation. The stock's impressive upside potential is driven by the company's continuous growth in the e-commerce sector and its strong financial performance. As the online business landscape continues to expand, Shopify is well-positioned to capitalize on this trend.
For traders and investors considering a long position in Shopify, it is essential to wait for an opportune moment. A retest of the weekly breakout around the $67.3 level provides a compelling entry point with a favorable risk-to-reward ratio.
As always, it is crucial to conduct thorough research and consider market conditions before making any investment decisions. While Shopify's breakout presents an enticing opportunity, prudent risk management and disciplined trading strategies should guide all investment activities.
Breakout Trade in SHOPShopify is emerging from a beautiful Stage 2 base.
SHOP is up more than 100% since the start of a year – a clear sign this is a market leader.
Notice how volume is higher on the rallies up and lower when the stock pulls back. This is a subtle clue that buyers are in control and the smart money is building a position.
The breakout on Thursday came on 2X its average daily volume and the stock closed at the high of the candle – both good signs of a legitimate move.
I want to see SHOP stay above the breakout level or, at a minimum, above its 21-day moving average (blue line on chart).
loving this SHOP setup☕❤shop must break 67/local trend resistance before next leg higher comes 👇
I am seeing many bullish signs at the moment though, look at perfect 50SMA bounces and how it acted in the past when that happened...
RSI is not so overbought and also holding well above a very strong trend support... so even if we dip then push higher may still follow after.
currently in consolidation before the breakout, like we have seen in many other names recently.
Boost and follow for more.. thanks 💛
Potential Short for SHOPPotential Short for SHOP, Breaking the support could lead to potential short.
