fbpx

Shopify stock skyrocketed again and broke all time high

Shopify Inc., a commerce company, provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, Australia, and internationally.

Shopify stock long-term bullish bias

Shopify (NYSE: SHOP) has broken an all-time high again after reacting to Shopify’s strong imbalance for long-term positions around 313 per share, where longs would have been possible again long term. Going short on Shopify (NYSE: SHOP) is not a good idea in a clear uptrend with such a strong imbalance and impulse in control. There are great opportunities formed in the smaller timeframes to buy Shopify (NYSE: SHOP).

Take a look at the monthly timeframe supply and technical demand analysis for Shopify (NYSE: SHOP). Shopify Inc. skyrocketed last Monday again, surpassing one of Canada’s largest banks to become the second-most valuable company on the nation’s stock market.

Shopify skyrocketed again and broke all time high
Shopify skyrocketed again and broke all-time high

Despite the likely overall negative impact on discretionary retail from the coronavirus pandemic, with so much physical commerce closed, Shopify merchants should be able to take share during this period, even if of a smaller pie.

Long-term longs on this stock. No reasons to sell Shopify (NYSE: SHOP).

Shopify stock video analysis and forecast

Shopify price action analysis

This is the kind of price action technical analysis you will learn in our trading community. You will learn how to locate new supply and demand imbalances and trade without using any indicators, no news, no fundamental analysis, no earnings announcements, no volume or VSA analysis. Just supply and demand imbalances.

Trading supply and demand imbalances is ideal for beginners and those with a full or half time job. You won’t need to stay in front of the computer all day long trying to move price action with your mind. 

SHOP supply and demand imbalances

As supply and demand traders, we do not need to pay attention to the news, fundamentals or any earnings reports. Once a big timeframe imbalance has gained control, earnings do just the opposite and react strongly to those imbalances. Why do you see positive earnings and then the underlying stock drops like a rock, or a negative earnings announcement and the stock rallies like a rocket out of control? You are probably missing the fact that there are big imbalances in gaining control.

Unless you are doing very short-term trading and scalping, you should not worry about fundamentals or earnings announcements on Shopify (NYSE: SHOP).

You can use these imbalances to plan your trades in lower timeframes. Trading is just waiting for the right trigger points and scenarios to present themselves, this game has got a name and it’s called the waiting game. We need to patiently wait for the correct scenarios and setups to happen and wait for the price to pull back or dip into the price levels we want to trade, in our case these price levels are made of supply and demand imbalances.

Join our supply and demand stock trading course to learn how to trade using our supply and demand trading strategy.

There are several ways of buying Shopify (NYSE: SHOP) shares. When trading stocks, you can buy shares of the underlying stock or use options strategies to go long or short at these specific supply and demand levels, long calls or long puts or spreads. You can even buy Shopify (NYSE: SHOP) CFD (contracts for difference) if you are in a country where it’s allowed.

Related Post

Disclaimer

Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Set and Forget, its employees, or fellow members. Futures, options, and spot currency and stocks trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex and futures markets. Don't trade with money you can't afford to lose. This website is neither a solicitation nor an offer to Buy/Sell spot Forex, cfd's, stocks or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.

High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in Forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.

Get Free Trade Ideas

Don’t miss out on the next big trade. Subscribe to our Newsletter.