How the price action of Shopify Inc (SHOP) is used to our Advantage

October 24, 2021, 02:30 am ET, BY Thomas Y.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Our job as #investors is to pay attention to the #stocks we own.  Part of that involves looking at the #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. Trading plans for SHOP are shown here too; these plans are updated in real time for subscribers, where this report is static. If you want an update, or a report on a different stock, please get one here Unlimited Real Time Reports.

Longer Term Trading Plans for SHOP

• Buy SHOP slightly over 1369.41 target 1519.17 stop loss @ 1365.46 Details

The technical summary data tells us to buy SHOP near 1369.41 with an upside target of 1519.17. This data also tells us to set a stop loss @ 1365.46 to protect against excessive loss in case the stock begins 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, support 1369.41 would be being tested, so a buy signal would exist.

• Short SHOP under 1519.17, target 1369.41, stop loss @ 1523.56 Details

The technical summary data is suggesting a short of SHOP as it gets near 1519.17 with a downside target of 1369.41. We should have a stop loss in place at 1523.56though. 1519.17 is the first level of resistance above 1425.85, and by rule, any test of resistance is a short signal. In this case, if resistance 1519.17 is being tested, so a short signal would exist.

Swing Trading Plans for SHOP

• Buy SHOP slightly over 1451.17, target 1516.85, Stop Loss @ 1446.98 Details

If 1451.17 begins to break higher, the technical summary data tells us to buy SHOP just slightly over 1451.17, with an upside 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 level of resistance above 1425.85, and by rule, any break 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 break of resistance, it is referred to as a Long Resistance Plan.

• Short SHOP near 1451.17, target 1369.41, Stop Loss @ 1455.36. Details

The technical summary data is suggesting a short of SHOP if it tests 1451.17 with a downside target of 1369.41. We should have a stop loss in place at 1455.36 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 1451.17, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Day Trading Plans for SHOP

• Buy SHOP slightly over 1426.43, target 1451.17, Stop Loss @ 1423.1 Details

If 1426.43 begins to break higher, the technical summary data tells us to buy SHOP just slightly over 1426.43, with an upside 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 level of resistance above 1425.85, and by rule, any break 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 break of resistance, it is referred to as a Long Resistance Plan.

• Short SHOP near 1426.43, target 1369.41, Stop Loss @ 1429.76. Details

The technical summary data is suggesting a short of SHOP if it tests 1426.43 with a downside target of 1369.41. We should have a stop loss in place at 1429.76 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 1426.43, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

SHOP Ratings for October 24:

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

Support and Resistance Plot Chart for SHOP

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