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SHOPIFY INCSHOPIFY INCSHOPIFY INC

SHOPIFY INC

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SHOP trade ideas

SHOP@1172:Retracement likely to $1000 from a 40% gain of Nov LowThe stock gained near 40% from its Nov low of 860 to a recent high of 1285, propelled by a 3D Squeeze that fired for 7 bars. Squeeze usually fires for 7 to 8 bars, so we are likely entering a consolidation phase with a probable retracement to $1000 or 50 MA. It's Stoch/RSI has a good history of forecasting price trajectory and the last candle also hinted at a high open/low close. SHOP is very liquid and not subject to a short squeeze, other than enthusiastic buyers who have demonstrated less power to move growth stocks in the past week or so. There is a hint of rotation from high powered names to companies with real profit.
NYSE:SHOPShort
by Jonas99
2
SHOP Post Move Analysis:Could we seen the move from indicators?SHOP went from 1000 to 1250 in less than 10 days. Could we have foreseen the move? Possibly. SHOP consolidated more than 4 months in a long rectangle which is a continuation pattern or corrective. The tell for the breakout was a 3D Squeeze which also was clued by the tilting upwards of Stoch RSI. On the Chart, there are 1, 2, 3 numbered to point out the signs. I have learned 3D Squeeze is generally more powerful than other time frames. It did have a 4 h Squeeze but produced a weak move. And there is no Daily squeeze which was the most-watched time frame for squeeze style trading. Where the stock go from there? That's for the next analysis.
NYSE:SHOP
by Jonas99