Short term short trade for shopify.
Short at 36.50 initially potential pull back but higher short at 38-40 will monitor.
It's recently broken out of a descending channel due to earnings. I expect momentum to potentially continue depending as it looks like the indices want to extent a little further before pulling back.
Confluences for trade are:
historically 60-80 RSI has been pullback area for SHOP.
61 FIB is also around this area
Top of recent trading range
20-50 ema may reject again but will monitor. has traded below one another since breakdown at the top.
looking for a 5-10% move to downside back to 32-33 area.
Short at 36.50 initially potential pull back but higher short at 38-40 will monitor.
It's recently broken out of a descending channel due to earnings. I expect momentum to potentially continue depending as it looks like the indices want to extent a little further before pulling back.
Confluences for trade are:
historically 60-80 RSI has been pullback area for SHOP.
61 FIB is also around this area
Top of recent trading range
20-50 ema may reject again but will monitor. has traded below one another since breakdown at the top.
looking for a 5-10% move to downside back to 32-33 area.