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Trends & Analysis
News

Crude oil dips for 3rd session after supply data

News

Is there an AI upside for AMD?

News

GBP/USD recovers following wage report

News

Buy the JPMorgan dip?

News

Goldman Sachs shares surge after earnings beat

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Asset Watch

Could Shopify shine this holiday season?

Tuesday, November 28, 2023

Consumers’ spending spree was on full display over the weekend, as Shopify reported on Nov. 25 that its “merchants set a Black Friday record with a combined $4.1 billion in sales” (up by 22% versus 2022), marking “a strong start to the biggest holiday shopping weekend of the year.”

 

Adobe Analytics also noted that U.S. e-commerce sales rose by 7.5% and hit a record $9.8 billion. Adobe Digital Insights analyst Vivek Pandya said Americans are “really trying to take advantage of these marquee days so that they can maximize on discounts.”

 

Add it all up, and the holiday surge could be a boon for companies like Amazon and Shopify, which have large networks of merchants on their platforms. More importantly, Shopify could be a rally candidate over the next few months.

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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