When Shopify Inc ($SHOP) Moves Investors should Listen

October 20, 2023, 01:30 am ET, BY THOMAS KEE- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Longer Term Trading Plans for SHOP

• NONE. Details

There is no current Support Plan to trigger a buy of this stock at this time. This usually means that there are no clear support levels at this time, so buying the stock as it falls could be considered catching a falling knife. Buy signals only exist if resistance breaks higher.
This often is a signal that the stock you are watching is weak. Waiting for a turn higher may be more intelligent than trying to catch a falling knife. In any case, new support levels are usually revised to the database at the beginning of the next trading session.

• Short SHOP slightly under 56.55, target n/a, stop loss @ 56.71 Details

The technical summary data is suggesting a short of SHOP as it gets near 56.55, but the downside target is not available from the current data. This tells us to hold that position if it is triggered until a new downside target has been established (updates occur at the beginning of every trading session) or until the position has been stopped. The summary data tells us to have a stop loss in place at 56.71. 56.55 is the first level of resistance above 51.83, and by rule, any test of resistance is a short signal. In this case, if resistance 56.55 is being tested, so a short signal would exist.

Swing Trading Plans for SHOP

• Buy SHOP slightly over 52.33, target 55.19, Stop Loss @ 52.18 Details

If 52.33 begins to break higher, the technical summary data tells us to buy SHOP just slightly over 52.33, with an upside target of 55.19. The data also tells us to set a stop loss @ 52.18 in case the stock turns against the trade. 52.33 is the first level of resistance above 51.83, and by rule, any break above resistance is a buy signal. In this case, 52.33, 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 slightly near 52.33, target n/a, Stop Loss @ 52.48. Details

The technical summary data is suggesting a short of SHOP if it tests 52.33 with a downside target of n/a. We should have a stop loss in place at 52.48 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, 52.33, 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 52.33, target 53.90, Stop Loss @ 52.21 Details

If 52.33 begins to break higher, the technical summary data tells us to buy SHOP just slightly over 52.33, with an upside target of 53.90. The data also tells us to set a stop loss @ 52.21 in case the stock turns against the trade. 52.33 is the first level of resistance above 51.83, and by rule, any break above resistance is a buy signal. In this case, 52.33, 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 slightly near 52.33, target 51.58, Stop Loss @ 52.45. Details

The technical summary data is suggesting a short of SHOP if it tests 52.33 with a downside target of 51.58. We should have a stop loss in place at 52.45 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, 52.33, 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.

Check the time stamp on this data. Updated AI-Generated Signals for  Shopify Inc (SHOP) available here: SHOP.

SHOP Ratings for October 20:

Term →	Near	Mid	Long
Rating	Weak	Neutral	Strong
P1	0	0	56.55
P2	51.58	52.33	65.19
P3	53.90	55.19	74.49

AI Generated Signals for SHOP

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How do we know what is going on #behindthescenes of a company?  According to Stock Traders Daily, a 20-year #financialindustry innovator, the best way to do this to to watch the price action in the stock. The  Shopify Inc (NASDAQ: SHOP) report below is a real world example. Included are trading plans for SHOP, but this report is static. If you want an update, or a different stock, please get one here Unlimited Real Time Reports.