Did SHOPify breakout of a bull flag?
1) Bullish open and close candle above the trend line.
2) MACD bullish (although histogram is slowing)
3) Force Indicator is bullish
4) RSI is not overbought or showing any signs of bearish divergence.
5) Parabolic SAR is bullish
6) 20 EMA is above the 40 EMA indicating a bullish trend
7) 50 EMA is above the 200 EMA also supporting a bullish trend
8) However, is the price to far overextended from the 20 EMA? Might it pull back? Is this a false breakout?
1) Bullish open and close candle above the trend line.
2) MACD bullish (although histogram is slowing)
3) Force Indicator is bullish
4) RSI is not overbought or showing any signs of bearish divergence.
6) 20 EMA is above the 40 EMA indicating a bullish trend
7) 50 EMA is above the 200 EMA also supporting a bullish trend
8) However, is the price to far overextended from the 20 EMA? Might it pull back? Is this a false breakout?
Comment:
Overextension from the 20 EMA looks a little too high at the moment. Im going to give it a few days to see if it pulls back to a new resistance level before going long.
