Shopify Inc (US: SHOP) The upside has resumed well and the technicals indicate that there’s a further upside:

1. The 3 “N” wave indicates a strong bullish upside ahead.
2. The price found some relief support after Wednesday’s bullish engulfing candle was spotted. To add on, the engulfing candle was seen supported by the Kijun-Sen.
3. Despite the price failing to go above the Tenkan-Sen, the momentum of the up move was strong and there exists a high probability of this happening. . Furthermore, the Senkou-Span A has been sloping up, a key indicator ofstrong bullish price action.
4. The rising on-balanced volume is confirming the bullish uptrend.

*Expected timeline of the trade is 15 weeks from the date of report issuance.

CHART LEGEND

Ichimoku Kinko Hyo

Red dotted line = 26 periods Kijun-Sen

Blue dotted line = 9 Periods Tenkan-Sen

Green Line B= 52 periods Senkou Span B

Pink Line A = 26 periods Senkou Span A

Blackline = 26 periods Chikou Span. Lagging line