SHOP/N trade ideas
Still bullish on SHOP
Should have made a post on entry be regardless possible gap down soon based on former price action however this gap wouldn't break the trend very much. $230 is the target but once that happens will place stop at swing low to allow price the chance to break former resistance.
Shopify - ForecastIf we can maintain above the Support level (Red Line) at $203 by the end of this week, I predict we see a nice climb into the $225-$235 range over the next 2 weeks.
$SHOP - BullishHaven't updated the trendlines since May 5. Played perfectly within the parallel channel (both support and resistance) and had an C&H breakout on daily.
Must hold support level $202.50
Physiological resistance $220 $230
$SHOP Parallel Channel Repeat - BullishEntered long position since MACD cross.
Parallel channel AA and BB repeating. Parallel Support = BB; Parallel Resistance AA
Likely to consolidation between S1 = 171, R = 178 to continue previous parallel channel
Golden cross short term EMA (15,5)
Overall bullish unless Citron attack
Shopify Inc (SHOP)TSX:SHOP
This company has a very big potential and I was expecting price to stop ascending to give it a shot.
SHOP buyShopify 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.
SHOP potential entry point.News and recovery from Citron short shows overall bullish trend, but the price is looking for some retracement. RSI and MACD both showing signs of incoming pullback.
Layer limit orders for better average.
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
Possible Opportunity to short ShopifyShopify has had a great bull run and it's reached is peak, finishing with a large englufling candle, signaling a potential end to the bull run, followed by decreasing bull volume today.
RSI is at overbought levels although it should be noted that it has been much higher before, so we are still waiting for the reversal signal.
Look for it to challenge the $177 range on Monday and start falling along with an increase in bear volume. We are looking for a reversal in the MACD and a dip in RSI levels to signal our short opportunity.
SHOP Short Opportunity Soon$SHOP nearing the top of its ascending channel, touching the top Bollinger band and MACD and RSI approaching levels where historically they start to reverse. Could be a potential opportunity for a short term short, possibly next week or end of this week.
I would wait for a clear trend reversal before committing to a short.
Let me know what you guys think, would love some feedback.
SHOP Double-bottom?Looking like a Double-bottom pattern forming on TSX:SHOP after testing support twice and with lots of short volumes?
Shopify - keep it on your watch list.Shopify - keep it on your watch list.
Entry now would be too early . Still looks like it has more downside to play out.
Look for a buy in the next month or so. Then watch it go.
I am new to Wave theory, so if I am wrong in my analysis, please offer some feedback. Thx.
