Shopify Inc $SHOP Trading Report – Stock Traders DailyeCommerce
October 12, 2019, BY Thomas H. Kee Jr – Editor, Stock Traders Daily | Subscribe to RSS
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.
Review the Trading Plans:
Long Term Trading Plans for SHOP
October 12, 2019, 2:15 pm 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 295.69 with an upside target of 343.66. This data also tells us to set a stop loss @ 295.43 to protect against excessive loss in case the stock begins to move against the trade. 295.69 is the first level of support below 329.26 , and by rule, any test of support is a buy signal. In this case, support 295.69 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 343.66 with a downside target of 295.69. We should have a stop loss in place at 343.92 though. 343.66 is the first level of resistance above 329.26, and by rule, any test of resistance is a short signal. In this case, if resistance 343.66 is being tested, so a short signal would exist.