Asset Watch
Thursday, January 26, 2023
So, with Shopify’s platform adoption on the rise and the technicals being more constructive, could the 2022 loser become a 2023 winner?
Interestingly, Shopify recorded a golden cross on Jan. 19, where its 50-day moving average surpassed its 200-day moving average for the first time since February 2019. This milestone often signals the beginning of a new uptrend.
In addition, Shopify has been consolidating for roughly eight months, and base-building is often an integral part of forming a bottom. But, since its daily RSI is near overbought territory and the Jan. 24 close was 13% above the 50-day MA, pouncing on the next pullback near the 50-day MA may be the best approach for long-term investors.
Do you plan to splurge on Shopify?