Long

SHOPIFY targeting 75.00

It's been 10 months since we last analyzed Shopify Inc. (SHOP) and called for a $60 target (see chart below):

SHOPIFY approaching the end of its consolidation. Target $60+.

The stock recently hit that level and we now see that it's trading within a Bullish Megaphone/ Channel Up combo pattern. With the 1D MA50 as its Support and recent strong fundamentals, we now set the next medium-term target at $75.00 to fill Gap 3. The 1D RSI has been on a Higher Lows trend-line, clearly indicating the most optimal buy entry within the pattern.

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