Shopify (SHOP): Is It Just the Beginning?

9 set

Shopify has been one of our best entries this year, and we remain very bullish on it. From a technical analysis perspective, it's hard to make a bearish case for this stock. We've even seen a change of structure after catching the bottom on SHOP.

We've already taken some profits off the table and moved our stop loss to break even for the initial trade. We're now expecting this surge to continue, and as a result, we're planning to place another limit order on Shopify, aiming to buy more if the price moves into the $59.38-$54.59 area. We prefer to enter manually to avoid getting triggered by any sudden news events.

If our analysis is correct and this is indeed Wave 2, we could see a really nice rally in the near future on Shopify, potentially breaking the $90 mark and moving even higher.

Let's see what Shopify has in store for us next.