Shopify Inc $SHOP Trading Report
The Shopify Inc (NASDAQ: SHOP) update and the technical summary table below can help you manage risk and optimize returns. We have day, swing, and longer-term trading plans for SHOP, and 1300 other stocks too, updated in real time for our trial subscribers. The data below is a snapshot, but updates are available now.
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Long Term Trading Plans for SHOP
December 9, 2019, 8:45 am ET
The Technical Summary and Trading Plans for SHOP help you determine where to buy, sell, and set risk controls. The data is best used in conjunction with our Market Analysis and Stock Correlation Filters too, because those help us go with the flow of the market as well. Going with the flow is extremely important, so review our Market Analysis with this SHOP Report.
SHOP - (Long) Support Plan
The technical summary data tells us to buy SHOP near 321.23 with an upside target of 368.68. This data also tells us to set a stop loss @ 320.97 to protect against excessive loss in case the stock begins to move against the trade. 321.23 is the first level of support below 364.6 , and by rule, any test of support is a buy signal. In this case, support 321.23 would be being tested, so a buy signal would exist.
SHOP - (Short) Resistance Plan
The technical summary data is suggesting a short of SHOP as it gets near 368.68 with a downside target of 321.23. We should have a stop loss in place at 368.94 though. 368.68 is the first level of resistance above 364.6, and by rule, any test of resistance is a short signal. In this case, if resistance 368.68 is being tested, so a short signal would exist.