Asset Watch
Tuesday, September 5, 2023
The latter ended the corrections in October and December 2022, as well as March 2023. Similarly, trendline support helped elicit a bounce in May 2023. Therefore, with the stock ending last week above both technical milestones, the medium-term outlook remains constructive.
More importantly, a rally to the upper trendline puts $75 in play, which offers a roughly 12% upside from the Sep. 1 close. In contrast, 20-week MA support is near $60.
Is another higher high in store for Shopify, or should you wait for a pullback before opening a position?