Shopify Inc.Short
SHOP@1172:Retracement likely to $1000 from a 40% gain of Nov Low
The stock gained near 40% from its Nov low of 860 to a recent high of 1285, propelled by a 3D Squeeze that fired for 7 bars. Squeeze usually fires for 7 to 8 bars, so we are likely entering a consolidation phase with a probable retracement to $1000 or 50 MA.
It's Stoch/RSI has a good history of forecasting price trajectory and the last candle also hinted at a high open/low close.
SHOP is very liquid and not subject to a short squeeze, other than enthusiastic buyers who have demonstrated less power to move growth stocks in the past week or so. There is a hint of rotation from high powered names to companies with real profit.
It's Stoch/RSI has a good history of forecasting price trajectory and the last candle also hinted at a high open/low close.
SHOP is very liquid and not subject to a short squeeze, other than enthusiastic buyers who have demonstrated less power to move growth stocks in the past week or so. There is a hint of rotation from high powered names to companies with real profit.
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