Shopify Inc.* (SHOP.TO) has climbed up to top spot in both the SIA S&P/TSX 60 Index Report and the SIA S&P/TSX Composite Index Report as a result of the enthusiastic response from investors to last weekâs earnings reports. SHOP.TO returned to the Green Favored Zone in the SIA S&P/TSX 60 Index Report back in March. Since we last mentioned Shopify* in the March 23rd edition of the Daily Stock Report, the shares are up 29.4%.
*Shares of Shopify are held in some portfolios managed by SIA Wealth Management.
A major breakout is underway in Shopify* (SHOP.TO) shares. Last week, SHOP.TO blasted through the top of a $55.00-$75.00 trading range and staged a breakaway gap on a big spike in volume, all combining to indicate that investor interest has increased and a new upleg has started.
Initial upside resistance appears near $95.00 based on a measure move and a previous high, followed by the $100.00 round number and $115.00 also based on a measured move. Initial support appears near $70.00, the top of the breakaway gap.
*Shares of Shopify are held in some portfolios managed by SIA Wealth Management.
The recovery trend in Shopify* (SHOP.TO) shares which started back in October continues to accelerate. Over the last six months, a new uptrend of higher lows and multiple bullish pattern breakouts has emerged. This month alone, SHOP.TO has completed bullish Double Top and Spread Double Top patterns, broken through their February peak to signal the start of a new upleg and snapped a long-term downtrend line to confirm the start of a new uptrend.
Next potential upside resistance appears near $94.20 based on a previous column high, $100.00, where a round number and a horizontal count converge, and $110.40 based on a vertical count. Initial support appears near $75.75 based on a 3-box reversal.
With a perfect SMAX score of 10, SHOP.TO is exhibiting strength across the asset classes.
*Shares of Shopify are held in some portfolios managed by SIA Wealth Management.
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