$SHOP TOP 20
Added 2024-08-15 10:49:59 +0000 UTC$SHOP is just sitting on top of its 200 Day MA now, both $SHOP and $PLTR showed incredible strength yesterday as the market was weak after the in line CPI print but these two companies kept pushing higher.
$SHOP does look extended here but this also happened in October 2023 too, shown here with the yellow arrow, when you get a strong climb like this with no pull backs, it is almost always met with a strong pull back.....which is why we waited until May for the pull back to complete before adding and we added 3 times.
I would rather die than chase a stock, it is the number 1 rule for me
After a price bounce from $48 to $71, I don't add at $71
I have three buys in already and when a pull back comes, I'll add and if that means waiting a few months, I am fine with that, my current position is already printing and will continue to do so
A retest of the yellow trend line at the 50 Day MA and the 0.38 Fib at $62 will be my target for now
Comments
RSI is around 70 so I think we get a small pullback in the next 1-2 weeks and that’s when I may buy
Zachary Alpirn
2024-08-15 17:11:00 +0000 UTCCould it go all the way to $80 without correction ?
WiktorW
2024-08-15 13:38:59 +0000 UTCNot really to be honest, it would be too short…but a higher low next is bullish
Gareth Neary
2024-08-15 12:14:25 +0000 UTCWouldn't retest of the yellow trend line at the 50 Day MA and the 0.38 Fib at $62 complete the right shoulder for a large H/S pattern?
Krishna
2024-08-15 12:09:56 +0000 UTC
