SHOP - going down ?1) H & S formation
2) RSI and MACD about to trend south
3) News around company execs leaving
TPI: 1100
TP2 : 1040
SHOP trade ideas
$SHOP at key supportShop at 1180 key support and the same level is middle peak of W
Continue to be long here as long as 1180 holds
SHOP trying to break 50% Fib RetracementShopify made two unsuccessful runs at the 50% Fibonacci line this past week.
Little reason to doubt it won't try to break through at least once more prior to earnings April 28.
$495 sell-off in Feb March has many doomsayers calling for a bigger sell-off and perhaps an overall revaluation of this high growth ecommerce stock.
They may be right ... but I'm looking for more run out of this recent rally. And maybe a bigger upside move.
Post earnings price movement is completely unpredictable. Study the recent ER and specifically the days immediately preceding.
I masked the pivot points, because they make the chart too crowded, but they approximate the target prices shown.
$SHOP will it retrace to $1300 before earnings?
SHOP hit significant support close to $1000 and reversed to retrace —strong momentum with a lot of buyer's interest could drive the price above $1250 and potentially reached $1300 by next week. The price needs to stay above the orange trendline. The last two candles look like a bearish Hirami. If it goes below the dotted line, it could see $1150.
SHOP Alert set at 1190SHOP has been on a bit of a roller coaster ride. First breaking out of a long term base then pulling back into the base on 400 point round trip. It's a long term hold for me but I like to trade around my core position because of the volatility. If price can break the 1190 level a move to 1290 is possible in a short period of time.
Additional Info:
I am an intraday scalper and short term swing trader of stocks & Futures using options and equity.
I focus on high volume momentum stocks in strong uptrends.
My time frame is between 5minutes to 5 days on most trades.
I scale into positions and scale out of positions as my targets are hit.
I always trail my stops after T1 is hit to reduce risk and lock in gains.
If my post is on a Weekly/Daily/240M chart the idea is a swing trade.
If my post is on a 60M chart or lower the idea is a day trade.
Day trades can turn into swing trades if the stock is strong.
All trades should be supported by market direction.
Treat my posts as trade ideas and not signals.
Traders must trade using their own back tested trade plan and rules.
Traders must plan risk first and profits second.
Additional Additional Info:
If you use options to trade high IV stocks it is crucial to wait for some consolidation or a pull back.
If you buy an option when price is stretched you will find that even when the instrument trades in your
direction you will lose money because you will have paid too much premium.
Simple rule = BUY options when candles are SMALL and SELL options when candles are BIG.
SHOP jaws are opening on alligatorDebit call spread might be a good idea here (bracket 1250 or 1270, perhaps June).
NDX and earnings optimism will be the key drivers for the next 2 weeks.
Continue to believe the pivot points make sense.
SHOP S&R Strong Bid Off Swing LowShop dropped all the way to 1006.21 when the market plunged in March. Since correcting 32% from its all time high, SHOP has been strong as the tech led rally continues. Its earnings are coming up this month and it has showed strength throughout April. It is also trading right above its January range which should serve as a strong support.
SHOP final makes a moveNot going to trade it. Watching the pivot points and the broader NDX.
Held and suffered through the February - March debacle ($500 sell-off) that rolled me back to November account values.
SHOP volume finally showed up today. But SHOP appears to be reluctantly lagging NDX, ARKF, SQ, PYPL and AMZN.
Holding deep ITM September calls and a handful of shares. So I'm biased, bullish.
Find it hard to believe people with short this stock prior to earnings release 4/28/21 (pre-open).
$SHOP if Amazon can do it...Why not Shopify? Great day today, but why not give us one more blow off the top day?...
$SHOP as planned great move started...Would love to see follow through tomorrow, but not going to get greedy. Would love one more push through today's high, we'll see...
SHOP break a resistance level with Volume$SHOP (Shopify Inc.) in a 1H chart, broke a resistance level with significant volume confirmation.
Target Price: 1450
Expected Returns: 20%
Looks like big correction looming hereThe immediate pullback following new highs after such an epic run looks to the downside. Next important support at 850.
$SHOP 4 days of consolidation...Low volume, holding steady, looking for a increase in volume to push this thing back over $1,200...
$SHOP give me $1,200 tomorrow...Doubt it will happen, also extremely dependent on the market but...if we stay green this week
$SHOP example play...Next week $1,250-$1,350 call spread, took one at $655 earlier, but could still get for $820. Risky on total position size. Hedge with some SPY or QQQ puts end of week if we don't keep this movement going...maybe just 2 SPY $405's for tomorrow could cover if we open down.
$SHOP liking this if we keep going...$SHOP hasn't participated enough, if we stay green this week, shop could go hard
SHOP - Swing Trading (Gaps)Expecting SHOP to fill the recent gap at $1,120. In this case, entry for long position could be at that price, or slightly below it.
Fundamental wise, SHOP has a strong balance sheet as of December 31, 2020. Earnings should remain stable going forward. Even if COVID is gone, people will continue to enjoy shopping online from the comfort of using their smart devices.
During FY2020, the Company completed two seasoned equity offerings. Majority, if not all, of proceeds raised remained in cash or were allocated to buying marketable securities (mainly federal bonds). This brings in the question of what management could do with the funds. In spite of this, there is always an old saying of "cash is king".
