SHOP trying to break 50% Fib Retracement Long

Shopify Inc.NYSE

Opis

⋅ 17 kwi 2021 15:38

Shopify made two unsuccessful runs at the 50% Fibonacci line this past week.

Little reason to doubt it won't try to break through at least once more prior to earnings April 28.

$495 sell-off in Feb March has many doomsayers calling for a bigger sell-off and perhaps an overall revaluation of this high growth ecommerce stock.

They may be right ... but I'm looking for more run out of this recent rally. And maybe a bigger upside move.

Post earnings price movement is completely unpredictable. Study the recent ER and specifically the days immediately preceding.

I masked the pivot points, because they make the chart too crowded, but they approximate the target prices shown.

Komentarze

nallo458

⋅ 17 kwi 2021 18:20

i disagree.
Looking at the daily chart it seems a clear head and shoulders. with 1277 acting as resistance for both shoulders.
Plus: daily DMI shows that the uptrend is drawned of its energy, along with a descending RSI.
All those things can be appreciated on the 30M chart too.

Anyway there's the 9 EMA to be tested for the weekly chart. Perhaps this can be a green week, but I think price will just (without success) test 1277.

goledger

⋅ 17 kwi 2021 18:40

@nallo458, note TP 1 = $1270

goledger

⋅ 17 kwi 2021 15:58

there's a typo in the chart. TP 2 text should be $1330

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