mcmutton23

Bad News yields new buying opportunities

NYSE:SHOP   Shopify Inc.
As usual.. some bad news will degrade the price action of a good company.. giving us a great discounted stock price to get back in. Shopify looks as though it has hit a double bottom, selling action is slowing and we are seeing some trend reversal potentially. Wait for RSI to cross up above 34 (as we are definitely oversold here) and a higher low, with a close above the 97.30 range as of today's analysis, to signal an entry point. This may change if the price action goes lower tomorrow or the day after, but waiting for that bullish confirmation to go long on Shopify to retest prior highs. Otherwise I listed our current support levels, should the price go lower.
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