Shopify (SHOP) potential long play
The e-commerce company rose nearly 5% after being upgraded to buy from hold by Deutsche Bank, which said brands are growing increasingly interested in Shopify.
Price action via the weekly chart view has formed an inverse head and shoulders pattern, testing the neckline area $43-44. A break above could open the door for a fast move towards $55 and then the target area of $66.
The e-commerce company rose nearly 5% after being upgraded to buy from hold by Deutsche Bank, which said brands are growing increasingly interested in Shopify.
Price action via the weekly chart view has formed an inverse head and shoulders pattern, testing the neckline area $43-44. A break above could open the door for a fast move towards $55 and then the target area of $66.