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Technical Analysis: SHOPIFY, INC (#SHOP)

💡Shopify Inc. is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario. It is also the name of its proprietary e-commerce platform for online stores and retail point-of-sale systems

#SHOP has been one of the stocks that benefited the most from the Covid 19 crisis: in March 2020 the price was at $ 350.

Since July 2020 the stock has enter in a consolidation channel between $ 900 and $ 1,100.

📈 From a technical perspective, the stock has been posting lower highs since the beginning of October and it is now consolidating on the lower side of the channel.

The MACD is approaching a reversal and with the RSI at 42 the stock has room for a potential upside.

We exclude for the moment an H&S pattern and we identify to target prices: the first one at the 50MA and the second one on the higher end of the channel

Buy price $ 914

First target $ 980 (+7.19%)

Second target $ 1,080 (+18.13%)

Stop loss $ 820 (- 10.31%)

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OTB Global Investments

London, 18 November 2o20

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