HI guys, ive been following Shopify (SHOP), since its test of some important SUPPORT. This is a quick update from my previous idea. (Which you can find down below for more context)
We've currently bounced extremely bullish off the SUPPORT level, heading towards a SUpport turned Resistance line associated with the UPTREND channel i identified.
Normally when we...
Hi guys! This is a Technical Analysis on Shopify (SHOP) on the 1 Week Timeframe.
Since its not the end of the Week, we have to wait till the end of week to see how this week's candle closes.
We ATTEMPTED to break
->1. The ORANGE resistance zone above the 1 FIB level
->2. The "MAJOR RESISTANCE" labeled line that represents a RESISTANCE trend that...
The Shopify stock is currently wandering off to a shopping spree in the South and could get dangerously close to the alternative scenario, if it crosses the support line at $32.35. This would implicate further downward pulses until the turquoise wave alt. B hits its low. Primarily, we expect the course to get back in the saddle to exceed the resistance line at...
Shopify is currently on the verge of dropping further South to complete the turquoise wave B in the middle of the turquoise target zone between $34.35 and $28.22 before turning the course back North to exceed the resistance line at $45.43 in order to complete the pink wave (A). Our alternative scenario implies an earlier surpassing of the $45.43-mark instead of...
Shopify - Intraday - We look to Sell at 39.88 (stop at 43.43)
The primary trend remains bearish.
Price action continued to range between key support & resistance (30.00 - 40.00) and we expect this to continue.
Bespoke resistance is located at 40.00.
Resistance could prove difficult to breakdown.
We look for a temporary move higher.
Our profit targets will...
SHOP has consistently been taking the 29.81-31.79 levels as support multiple times.
This level might not hold longer, causing the stock to plummet to the 28 or 26 levels soon.
Short term bearish.
SHOP has consistently been taing the 29.81-31.79 levels as support multiple times.
This level might not hold longer, causing the stock to plumet to the 28 or 26 levels soon.
Short term bearish.
An upward channel can be drawn from a strong trend line point on SHOPIFY
It provides a chart like this, showing a clear top, and also a potential bottom that aligns with the 4.618 fib
An attempted support can be seen to have formed at 2.618 (yellow)
This leaves 4.618 as a bottom point, which has also been seen as a bottom in the past (green)
Two bullish chart...
Of course it was! It reached both of my price targets:
And now i think it will go even lower.
My experience as a seller on 2 Shopify stores was terrible in the past 4 months. I had a decrease in sales of more than 60%. My friends with on-line store had the same experience. So if the merchants don`t make money, neither do Shopify.
It`s hard to believe they will...
I would not want to be owning Shopify stock this year. I think we strike one more low to the .5 retracement and then bounce up to about $1000 for a B-Wave, before a final C-Wave down to the $210-$330 region. It will be a painful year for Shopify owners I believe. The move down so far does not resemble ABC structure. Also, it needs to be longer in terms of time. Good luck.
