How Shopify Inc’s (SHOP) Price Action is Used to Our Benefit

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Source: Daily Stock Exchange Traders

Longer term trading plans for SHOP
  • Buy SHOP on 1369.41 target 1519.17 stop loss @ 1365.46 Details
  • Summary technical data tells us to buy SHOP near 1369.41 with a bullish target of 1519.17. This data also tells us to set a stop loss @ 1365.46 to protect against an excessive loss in case the stock starts to move against the trade. 1369.41 is the first level of support below 1425.85, and by rule any test of support is a buy signal. In this case, the 1369.41 support would be tested, so a buy signal would exist.

  • Short SHOP under 1519.17, target 1369.41, stop loss @ 1523.56 Details
  • Technical summary data suggests a short sell of SHOP as it approaches 1519.17 with a bearish target of 1369.41. We should however have a stop loss in place at 1523.56. 1519.17 is the first resistance level above 1425.85, and by rule, any resistance test is a short signal. In this case, if resistor 1519.17 is tested, a short signal would exist.

Swing Trading Plans for SHOP
  • Buy SHOP on 1451.17, target 1516.85, Stop Loss @ 1446.98 Details
  • If 1451.17 starts to break higher, technical summary data tells us to buy SHOP just above 1451.17, with a bullish target of 1516.85. The data also tells us to set a stop loss @ 1446.98 in case the stock turns against the trade. 1451.17 is the first resistance level above 1425.85, and by rule, any breakout above resistance is a buy signal. In this case, 1451.17, initial resistance, would be breaking higher so a buy signal would exist. Because this plan is based on a resistance break, it is called a long resistance plan.

  • Short SHOP near 1451.17, target 1369.41, Stop Loss @ 1455.36. Details
  • Technical summary data suggests SHOP short if it tests 1451.17 with a bearish target of 1369.41. We should have a stop loss in place at 1455.36 in case the stock starts moving against the trade. Typically, any stress test is a short signal. In this case, if the resistance, 1451.17, is tested, a short signal would exist. Because this plan is a short plan based on a stress test, it is called a short resistance plan.

Day Trading Packages for SHOP
  • Buy SHOP on 1426.43, target 1451.17, Stop Loss @ 1423.1 Details
  • If 1426.43 starts to break higher, technical summary data tells us to buy SHOP just above 1426.43, with a bullish target of 1451.17. The data also tells us to set a stop loss @ 1423.1 in case the stock turns against the trade. 1426.43 is the first resistance level above 1425.85, and by rule, any breakout above resistance is a buy signal. In this case, 1426.43, initial resistance, would be breaking higher so a buy signal would exist. Because this plan is based on a resistance break, it is called a long resistance plan.

  • Short SHOP near 1426.43, target 1369.41, Stop Loss @ 1429.76. Details
  • Technical summary data suggests SHOP short if it tests 1426.43 with a bearish target of 1369.41. We should have a stop loss in place at 1429.76 in case the stock starts moving against the trade. Typically, any stress test is a short signal. In this case, if the resistance, 1426.43, is tested, a short signal would exist. Because this plan is a short plan based on a stress test, it is called a short resistance plan.

SHOP Technical summary | Raw data for trading plans

Term → Near Environment Long
Bias Strong Strong Strong
P1 0 0 1369.41
P2 1426.43 1451.17 1519.17
P3 1491.04 1516.85 1679.47


SHOP Swing Trading Analysis for October 24, 2021


SHOP Day Trading Analysis for October 24, 2021

Our work as #investors is to pay attention to the #actions we own. Part of that is looking at #Fundamentals, but half of the disclosure comes from looking at price action. The Shopify Inc (NASDAQ: SHOP) data table below can help you with price action, and we have more details too. SHOP trading plans are also displayed here; these plans are updated in real time for subscribers, where this report is static. If you want an update or report on a different stock, please get one here Unlimited Real Time Reports.

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Fundamental graphics for SHOP


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