Shopify Inc.Long
SHOP: BOUNCE ZONE
SHOP (Shopify) has dropped 70% since November 2021.
Yes we can drop more. However I like the risk reward ratio here as the price is now sitting on a trend line (in green) connecting the lows of Nov 2019, March 2020 and March 2022.
The weekly RSI is slightly oversold and we're starting to see a bullish divergence.
Bonds are bouncing already, which could support a bounce in growth stocks.
I'm a buyer at this level for a possible bounce to 640. I can cut my position quickly and without too much damage if I'm wrong.
If we drop more, the next levels are between 437 and 413...
Trade safe.
Yes we can drop more. However I like the risk reward ratio here as the price is now sitting on a trend line (in green) connecting the lows of Nov 2019, March 2020 and March 2022.
The weekly RSI is slightly oversold and we're starting to see a bullish divergence.
Bonds are bouncing already, which could support a bounce in growth stocks.
I'm a buyer at this level for a possible bounce to 640. I can cut my position quickly and without too much damage if I'm wrong.
If we drop more, the next levels are between 437 and 413...
Trade safe.
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