$SHOP TOP 20
Added 2024-08-06 13:09:37 +0000 UTCWe got our test of the 0.618 Fib yesterday, this is a common sight right now and a test and hold on the 200 Day MA, price hit $48.56 and managed to finish the day holding at $52.
Earnings are due out tomorrow before the market opens so today will be an interesting day for $SHOP and if they can report a positive beat or any improvement on their last 2 earnings, this should get a bounce.
The concern here is that $SHOP is heavily linked with $AMZN and they declined post earnings and sold off yesterday too, so if their earnings is not great, particularly their Q3 guidance, then this will likely decline further down to the next Fib at $38.
It would be impossible for me not to add at that level and just hold and lock it away.
Getting back into the wedge is where we see the bullish scenario moving to.
Comments
Both e-commerce platforms and correlated to consumer spending
NR15
2024-08-06 13:53:47 +0000 UTCNot sure how SHOP is linked with Amazon ?
AL
2024-08-06 13:25:53 +0000 UTC
