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Shopify Inc.Shopify Inc.Shopify Inc.

Shopify Inc.

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SHOP trade ideas

Shopify - note volume bars at $1127 to $1306Might face more selling pressure, but could make a run towards $1300. Either move seems plausible to me (but I favor the move up). Note the three plateaus in the recent sell off, and the 2 volume shelves at $1306 and $1127. Shopify has been under pressure for 4 weeks now. And was facing strong selling pressure during the first hour this morning (Friday 3/12). But almost closed green for the day (green shoots of spring?). Remember this company recently reported almost $3 billion in revenue in 2020, a topline growth in excess of 80%. Disclosure (I'm long Sep 1100 calls, and a handful of shares).
NYSE:SHOPLong
by goledger
Support and Resistance for SHOPThe dashed lInes repersent some weaker support and resistance where I expect some price reactivity. The solid lines are historical supports and I expect for rejection or larger moves to take place off of. Lows have been swept up last week with large volume which could be a combination of short covering or confident buyers adding to their position. This is significant because it shows that despite the markets downturn, there is still some bullish activity in the stock. This stock has a beta of 1.56 so it will be generally more prone to market volatility. After a worse than expected Earnings report coming in at .99 a share (1.24 expectation) the stock corrected from its pre earning run up. From here a full retrace to 1204 which was a generally accepted price between buyers and sellers is possible. There is also the possibility that price runs back up to the gap at 1322-1335, this could be a very reactive area. Sitting under the December highs I would say that there isn't much of a bull bear bias for this stock quite yet as the market corrects and with the bad earning's report. Note that while Shopify is a leader in it's category- companies like e-Bay, Amazon, and Walmart all offer integrated e-commerce. Furthermore BigCommerce now offers their sellers a chance to directly market and sell their products on the Walmart Marketplace which could be huge for the brand.
NYSE:SHOP
by crawfordpaul
2
SHOP has always been volatileSold off on strong earnings release Sold off on secondary offering at $1315 Continued weak with broad NDX100 sell-off My strategy for week no. 9 : • Assess NDX100 trend by Monday close (is selloff accelerating or abating?) • On SHOP move toward $1390, trim position (cut long shares by half) • If SHOP trends toward $1180, convert long shares to in the money Jan 2022 calls I'm still bullish. Expecting near-term rally to $1390 (not more selloff). But NDX100 is worrisome and could pull SHOP lower.
NYSE:SHOPLong
by goledger
2
Classic Bullish Flag Pattern. Wait for pullback to finishGreetings, I'm bullish on SHOP based on the bullish flag pattern forming on the daily chart. In the short term, however, SHOP is bearish while it completes it's pullback. Daily (Bullish) 1. In interpret the decline in volume and price as a bullish pullback (bullish). 2. MACD crossover (bearish). 3. SHOP is between monthly and quarterly EMA (buy signal). 4. SHOP is below mean average of $1190 (buy signal). 5. Double Bottom Pattern formed Weekly (Bearish) 1. Bearish Engulfing Candle 2. Volume and Momentum Declining 3. Weekly Pivot is $907 4. 23.6 FIBO at $1056.50 may offer strong support, since it coincides with the quarterly EMA. Happy Trading! Disclaimer. My ideas are for informational purposes only. My ideas do not constitute solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments. You should not construe any such information or other comments as legal, tax, investment, financial, or other advice. There are risks associated with investing in securities. Investing in stocks, bonds, exchange traded funds, mutual funds, options and money market funds involve risk of loss.  Loss of principal is possible. Please exercise your own due diligence.
NYSE:SHOPLong
by chiefwils0n
2
SHOP - Nice bounce- going to $1460If you saw my previous post "SHOP- The Big Picture" then you would see that SHOP has bounced at one of my trend lines higher than I expected. I have followed this stock and made a lot of money on it since the $200's. I really think after Friday and the bullish close that we are going to $1460 were there will be resistance. Can we break through the 52 Week High recorded recently? That will be a major test. If it does pass $1500 the next peak will sell off so be aware of that.... GL!
NYSE:SHOPLong
by sid72