SHOP has risen 28% for the past 2 trading session and RSI is 78.8, well above the 70 overbought mark. See chart below.
Stock is way overbought and should go lower if the broader market is bearish. Its about time to sell some calls for SHOP.
However do take note SHOP is breaking 52 weeks high and it is very risky to fight the trend.
Therefore one may want to consider options strategies such as Bear Call spread to limit your risk and protect yourself in case of any big movement upward.
This is a concern as the market may turn bullish since FED has hinted that it is pausing interest. Historically, every single interest rate hike pause or pivot have been followed by a bull run. So let's see if the SPX can break the 4200 resistance and stay above it to establish the upward trend.
$S&P 500(.SPX)$
Stay safe if you are bearish like me.
Thank you for reading
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Is there anything left in the SHOP tank for this week? Can we hit $70!?!?!
$Shopify Inc(SHOP)$ Bearish. Maybe $50 tomorrow？
55-57 range by next week. Look at the chart. This stocks show strength for a few days and then gives back.
Like I said 2 days ago around 65 is stiff resistance and showed again today with a drop to 63
$Shopify Inc(SHOP)$ is not done....They raised their gross margins dramatically
Motley Fool says SHOP is vulnerable to AMZN
Current price is high and risky so take care.
$Shopify Inc(SHOP)$ is in the bullish trend now.
I don’t think FED will stop the hike rate in short term.
Amazon is having to pay people 10 bucks to pick it up themselves to save money. SHOP is smart for getting rid of it.