SHOP has become interesting after earnings; Consumer Sentiments however is worrying.

Asphen
05-11


Price Action Update (11 May 2024)

- Post earnings reaction high was 79 and low was 62

- Coincidentally, 62 was also near the Fib 61.8 level of 63 in pullback

- It has since broken down below the earnings low and also into the golden pocket (between 61.8 and 78.6)

- Good time to look for reversals


Support Levels

- 55 (Fib 78.6)

- 46 (Full retrace)


IV Crush

- Means selling puts will not yield good premium due to post earnings IV crush


Will be patient and nibble from 55 down to 46. 


Good luck, all!

SHOP Daily - 11 May 2024

@melson  @TigerStars  @macroB  @CaptainTiger  @Deposit  

$Shopify(SHOP)$  

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