SHOP: Bullish Pendant Formed
Diupdate
I am bullish on SHOP for 4 reasons:
1) We held the 1W MA and it has acted as support since Feb 28. It is curling up, meaning that the trend is now bullish.
2) We have formed a bullish pendant on the daily and weekly time frame.
3) We have recently touched the green Bollinger band on the RSI.
4) The 0.236 fib level at 59.91 recently acted as support.
I am long until the earnings call on August 2 with a price target of $82, which corresponds to the 0.382 fib level and the previous support/resistance level back in Feb 2022. Stop loss is below $55.
1) We held the 1W MA and it has acted as support since Feb 28. It is curling up, meaning that the trend is now bullish.
2) We have formed a bullish pendant on the daily and weekly time frame.
3) We have recently touched the green Bollinger band on the RSI.
4) The 0.236 fib level at 59.91 recently acted as support.
I am long until the earnings call on August 2 with a price target of $82, which corresponds to the 0.382 fib level and the previous support/resistance level back in Feb 2022. Stop loss is below $55.
Catatan
We have broken above the pendant resistance line, $82 is the price target and is now in play.Catatan
No longer bullish. We broke down under the pendant and have stayed below.
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