Shopify: Will Santa Come to Town?
The fourth quarter has begun, and attention may soon turn to holiday spending and Black Friday. Today’s chart focuses on Shopify, a key player in the growing world of online commerce.
The first pattern is the August low of $51.20. SHOP has flirted with this level for almost two weeks without closing below it. Is support in place?
Second, the consolidation has occurred around the rising 200-day simple moving average. That may suggest a longer-term uptrend is underway.
Third, the MACD histogram has been growing less negative. Traders may watch for a potential flip back to positive.
Next is the short-term falling trendline along the highs of September 29 and October 6. A close above that resistance could potentially draw buyers from the sidelines.
Finally, SHOP has had some potentially positive fundamental events like strong earnings and an integration with Amazon Prime on August 31. Instacart also added a new connection last month.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The first pattern is the August low of $51.20. SHOP has flirted with this level for almost two weeks without closing below it. Is support in place?
Second, the consolidation has occurred around the rising 200-day simple moving average. That may suggest a longer-term uptrend is underway.
Third, the MACD histogram has been growing less negative. Traders may watch for a potential flip back to positive.
Next is the short-term falling trendline along the highs of September 29 and October 6. A close above that resistance could potentially draw buyers from the sidelines.
Finally, SHOP has had some potentially positive fundamental events like strong earnings and an integration with Amazon Prime on August 31. Instacart also added a new connection last month.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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