Long
$SHOP to move higher targeting $75, $100?
$NYSE:SHOP broke out of a 8.5 month inverse head and shoulders pattern back in January, then went back to test the breakout level as support and has now turned higher again.
The first target for the breakout of this pattern would be $63.89, however, after we hit that target, I think we'll see a continuation of the trend higher and get to
75 level.
And if it can flip the75 level as resistance, I think it can get all the way back to $100. I do think $100 would be the top though as it would confirm resistance from the area it broke down from.
Let's see what happens over the next 2 months.
The first target for the breakout of this pattern would be $63.89, however, after we hit that target, I think we'll see a continuation of the trend higher and get to
75 level. And if it can flip the
75 level as resistance, I think it can get all the way back to $100. I do think $100 would be the top though as it would confirm resistance from the area it broke down from.Let's see what happens over the next 2 months.
Note
Note: There is a chance that price could retest support at 
41 before the real move higher begins.Note
So far so good.Note
On it's way...
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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.