Spotted a strong reaction on Shopify as price tapped a key support level and bounced impulsively to the upside, even leaving a gap, solid confluences that point toward potential continuation.
What adds weight to this setup is that the price has reclaimed the 10 EMA, which typically signals momentum shifting back in favour of the bulls.
That said, one concern here is that volume appears a bit dry, which makes me a bit more cautious on this trade.
Trade is placed, now it's just about managing risk and letting the setup play out.
What adds weight to this setup is that the price has reclaimed the 10 EMA, which typically signals momentum shifting back in favour of the bulls.
That said, one concern here is that volume appears a bit dry, which makes me a bit more cautious on this trade.
Trade is placed, now it's just about managing risk and letting the setup play out.
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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.