Long
Shopify (SHOP): Riding the 130% rally after the earnings surge
Shopify kicked off the earnings week with a significant surge, rising 130% since our entry. We’ve taken additional profits at this level and canceled our second limit order. The stock has reached the 161.8% Fibonacci target at $111, aligning with our strategy.
In its third-quarter earnings report, Shopify reported revenue that exceeded Wall Street’s expectations, with double-digit gross merchandise volume growth. Looking ahead, the company forecasts a mid-to-high-twenties percentage growth in revenue for Q4, supported by the same factors driving its strong performance this year.
While Shopify continues its upward momentum, there’s no clear indication of when this rally might lose steam. The RSI is currently overbought, suggesting a potential pullback in the near future. If we spot a wave 4 correction, we will reassess and update the chart for a potential new entry.
In its third-quarter earnings report, Shopify reported revenue that exceeded Wall Street’s expectations, with double-digit gross merchandise volume growth. Looking ahead, the company forecasts a mid-to-high-twenties percentage growth in revenue for Q4, supported by the same factors driving its strong performance this year.
While Shopify continues its upward momentum, there’s no clear indication of when this rally might lose steam. The RSI is currently overbought, suggesting a potential pullback in the near future. If we spot a wave 4 correction, we will reassess and update the chart for a potential new entry.
Publicações relacionadas
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.
Publicações relacionadas
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.