SHOP - CURRENT PRICE : 145.15
SHOP is bullish as the share price is above 50-day EMA. Price action on 12 MAY 2025 is considered starting of bullish scenario because supported by several key indicators :
SHOP is bullish as the share price is above 50-day EMA. Price action on 12 MAY 2025 is considered starting of bullish scenario because supported by several key indicators :
- Share price gap up
- Price broke out 50-day EMA
- Price moving above ICHIMOKU CLOUD
- RSI moving above 50
From 1 August (near 50-day EMA support) to 6 August, the stock recorded a strong upward rally. Following this advance, prices entered a corrective phase and retraced approximately 50% of the prior upswing. According to Dow Theory, such a retracement is considered a normal and healthy correction within an ongoing uptrend. Retracements in the range of one-third to two-thirds of the prior move are typical, with the 50% level often serving as a natural equilibrium point where buyers re-enter the market. Sustaining above the 50% retracement level would reinforce the bullish structure, while a recovery from this zone could pave the way for a retest of the recent highs. However, a decisive break below the 61.8% retracement may imply weakening momentum and a deeper corrective phase.
Take note that until now the share price is still above 50-day EMA and ICHIMOKU CLOUD while RSI also moving steadily above 50 level. There is also rising support line - strengthening bullish outlook.
ENTRY PRICE : 141.00 - 145.50
TARGET : 159.00 and 175.00
SUPPORT : 50-day EMA (CUTLOSS below 50-day EMA on closing basis)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.