Shopify Inc. - (SHOP.TO) - May 8, 2023 (Daily Stock Report)


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 week’s 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.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

Previous Article

The Fed Is Done With Tightening

Next Article

Why the next economic recovery may be stronger than expected

Related Posts
Subscribe to notifications
Watch. Listen. Read. Raise your average.