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SHOP headed for a deeper correction?
Shopify is coming into an important close this week. A close below the upper weekly bollinger band 1 std would signal a deeper sell off is likely. All previous closes below that upper band have led to a correction to at least the mid BB, which is currently 70.70 (moving up). This could be a key indicator in telling if Shopify has already bottomed.
Nota
Weekly candle must close above $82.90 today or this is validNota
Not a good close, beneath the 200 week moving average and beneath the upper band. Shop should test, at minimum the mid band, and i think likely the lower band or the trendline.Nota
The last 3 major corrections for shop have been:-32%
-28%
-28%
Currently Shop is -17%
Nota
A weekly close above 76.50 could mean at least a short term bottom in place. If weekly closes below that then i believe 68.50 would be the next level of interest.Nota
technically above 76.50, but it wasn't very convincingNota
correction now is about 22%, i'd target 67.50Nota
I officially have started a dollar cost AVG in SHOP, i would buy from here to $55, below that i would need to rethink the technicals. I will update chart when i see something interesting.Nota
Now we are getting into some juicy prices... i will 2x my DCA around the $60 area.
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.