- August 1, 2022
- Posted by: Tradingshot Articles
- Category: Stocks
Shopify (SHOP) has been consolidating within an Accumulation Zoen since the May 11 Low. At the same time the 1D RSI has been on Higher Lows indicating a hidden bullish sentiment. The last time we saw that recently was during the September 24 – November 29 2019 Accumulation Phase, which was also on 1D RSI Higher Lows. A strong rally followed after the pattern broke to the upside (came after the price broke above the 1D MA50 (blue trend-line)).
Currently, the bullish targets are the upper Fibonacci retracement levels, which as you see they all match the Lower Highs during the price correction. We are aiming for $60 on the short-term.