[ Jump to the 2024-08-18 update ]
[ Jump to the 2024-08-10 update ]
It was just last week that we wondered “Why Are You Back, Shopify?,” and we already got the answer:
SHOP came back to break up (hmm.. down…) with its long-term support, the 85-week SMA and the 88-week SMA lines:
The stock was quick enough to get closer to its new best respected support lines, the 339-week EMA and 345-week EMA, which calmly swim in the $51.32 and $50.34 lanes, respectively:
Will SHOP keep respecting the new support lines or will it break below them?
We’ll keep watching.
2024-08-10 Update
Last week SHOP traded under the support band for 7 minutes on Monday, then off it went to the races. Resistance is now at $72.52-$73.71:
2024-08-18 Update
SHOP continued its bounce off the MA support area, and broke the resistance MA lines:
Would SHOP turn back down or continue its uptrend? We’ll be watching.