SHOP trade ideas
Why I bought Shopify today.After a three day drop along with increased volume during that time, I decided it was the right time to by NYSE:SHOP . See chart .
SHOP SELL TERMINAL PATTERNSHOP HAS RALLIED ABOUT 270% SINCE THE MARCH, 2020 LOW. NOW SHOP IS NEARING COMPLETION OF A RISING-WEDGE TERMINAL PATTERN. ALSO KNOWN AS AN ENDING DIAGONAL. WE EXPECT SELLING PRESSURE IN SHOP TO BEGIN TO ROLL-OVER AND THEN ACCELERATE DOWNWARD, INITIALLY INTO THE $800 TO $850 RANGE.
SHOP: Trying to Make A Squezee to $950NYSE:SHOP is going LONG. Probably trying to squeeze to $950 before making a small correction.
What do you think?
Shopify Has a Bullish TriangleShopify has been one of the strongest tech stocks since early 2019, leaving Amazon.com and even Tesla in the dust. It’s been quiet recently, consolidating in a tight range, and now that pattern is morphing into an ascending triangle with breakout potential.
SHOP began July by moving above $1,000 for the first time, having tripled from early April. It tried to gap higher following a strong quarterly report on July 29, but MACD was falling so the sellers knocked it lower. (This looks very similar to Nio about three weeks ago.)
But now MACD is starting to turn positive. SHOP has also held above its August 20 high and 8-day exponential moving average (EMA) yesterday. Those three patterns suggest the short-term momentum may be turning more positive again and moving back in unison with the longer-term uptrend.
This may be a sign of momentum buyers returning.
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SHOP at bottom of channel (Long)Shopify appears to be at the lower level of its present trading channel. May be a good point to begin anticipating a reversal. Although the markets are on a down turn for tech on the TSX as of last few trading days. I am going to watch for a possible long swing position.
The overall channel from June 8th supports my position. So does the more recent trading channel in the month of August, so does the moving averages because they are below the stock price and will push it up. Additionally, it has recently had a double top, so it may get really nice if it breaks through 1471 on the upside.
SHOP - done consolidation?Uptrend intact as long as it holds above the rising trendline (caveat!)
Long @ 1010 with initial stop @ 979. Once trade goes our way, trail stop upwards towards first target @ 1105.
p/s Should stock break below the rising trendline, I would exit position.
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you.
SHOP - Time for a pullbackShopify is finally starting to show signs of weakness. Decreasing volume, Potential MACD weekly bearish crossover, and major RSI divergence/overbought signals would suggest that it is time for a pullback.
I was hoping for one last impulse up, which may still happen, but is looking unlikely at the moment.
As always, I am not a financial advisor and this is not financial advice, Do your own research and formulate your own theories. Good Luck!
AFTER LOCKDOWN IMPULSE SHOPIFY IS RANGING - SHOPIFY - DAILYThe price has clearly moved up from February this year. There is a strong correlation between the pandemic global issue and the increase in price.
2020 has been a game changer and we have noticed that the market went up before finding a strong resistance illustrated by the horizontal red line.
Market price is still evolving along the main blue trending line, but might need to push down to the lower level of the new horizontal range created before testing again to break the red resistance.
Overall there a strong probability to see the market price break the red support line, any point close to the bottom support line of the new range is probably a good long entry point.
Excellent opportunity to buyAs long as we do not break the line drawn (orange color) it is considered an upward trend
We can also observe that the minimums are increasing (blue color)
What we are looking for is to grab the corrections to sell at the maximum
Buy range 995- maximum
SL 966
Remember to invest with caution
I recommend it to buy ; The probability of going up is greatI recommend it to buy ; The probability of going up is great We have A Chance To double The Buy ; follow me i will posted when We have to do
SHOP - 24.86% Potential Profit - Uptrend Corridor BounceUptrend Corridor bounce with target price set at resistance.
A very speculative trade with a great risk/reward ratio. However, a trade to approach carefully, despite the attractive potential rewards.
- Strong Uptrend
- RSI above / STOCH below 50
- MACD below Signal
Suggested Entry $1031.17
Suggested Stop Loss $989.53
Target price $1293.48
Note that I tend to adjust stop losses in order to secure profits early and preserve capital. This means that the target price is going to be achieved as long as there are no strong pullbacks that trigger my new adjusted stop loss.
$SHOP Flagging$SHOP flag getting tight, inside week, a few fake-outs last week, path of least resistance would appear to be up
SHOP 8-9 week base. LONG$SHOP 8-9 weeks base. Ready to breakout big. E-commerce demand was never this high before. Keep a close watch$SHOP 8-9 weeks base. Ready to breakout big. E-commerce demand was never this high before. Keep a close watch
