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Asset Watch
Tuesday, November 28, 2023
The upward-sloping grey line highlights how the stock has largely made higher highs and higher lows since bottoming in October 2022. And although a major breakdown occurred in September/October 2023, Shopify recouped those losses and ended last week above the trendline (which is now support). But if the stock remains above the grey line, the bulls are in control, and the outlook is constructive.
However, while the 20-week moving average gave way recently, it did end the corrections in December 2022 and March 2023. As a result, it should hold unless long-term interest rates surge once again.
So, will savvy shoppers uplift Shopify, or could the stock stall near its July highs?
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