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Asset Watch
Thursday, February 15, 2024
Though earnings sell-offs typically last two or three days, a buying opportunity could still arise when the dust settles.
Shopify’s July 2023 highs and January 2024 lows are near $71, and both could act as support if the pullback continues. Likewise, the 100-day moving average was a key support level in late 2022 and early 2023, and it resides near $68. If Shopify takes out the February 2024 lows near $76, the bulls may look to re-enter in the $68 to $71 range.
Rising U.S. Treasury yields amplified the negativity on Feb. 13, and the last time long-term interest rates rose dramatically, stocks performed poorly. Consequently, if yields continue their ascent, Shopify may have further to fall before the risk-reward becomes favourable.
So, will $76 hold, or does Shopify’s correction have more room to run?
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