Trade of The Day – Shopify Inc. November 28, 2022 245
Shopify Inc. (NYSE: SHOP)
(Current Price: US$36.79) – TECHNICAL BUY
Buy price: US$36.79 Stop loss: US$34.30
Take profit 1: US$41.70 Take profit 2: US$45.40
The price broke out of a bullish inverted head & shoulders pattern and did a successful retest of the previous resistance now turned support at US$35-36 area. We are likely to see continuation of the bullish momentum to drive the stock price higher to retest the key horizontal resistance swing highs at US$41.70 and US$45.40.
Expected timeline of the trade is 1-2 weeks from the date of report issuance.
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Featuring regular TA posts and requests to analyse specific stocksAbout the author
Zane Aw
Technical Analyst
PSR
I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).