Might face more selling pressure, but could make a run towards $1300. Either move seems plausible to me (but I favor the move up).
Note the three plateaus in the recent sell off, and the 2 volume shelves at $1306 and $1127.
Shopify has been under pressure for 4 weeks now. And was facing strong selling pressure during the first hour this morning (Friday 3/12). But almost closed green for the day (green shoots of spring?).
Remember this company recently reported almost $3 billion in revenue in 2020, a topline growth in excess of 80%.
Disclosure (I'm long Sep 1100 calls, and a handful of shares).
Note the three plateaus in the recent sell off, and the 2 volume shelves at $1306 and $1127.
Shopify has been under pressure for 4 weeks now. And was facing strong selling pressure during the first hour this morning (Friday 3/12). But almost closed green for the day (green shoots of spring?).
Remember this company recently reported almost $3 billion in revenue in 2020, a topline growth in excess of 80%.
Disclosure (I'm long Sep 1100 calls, and a handful of shares).