Shopify Inc. Technical Analysis and How To Trade Shopify
27 Jun 2022
SHOPIFY INC. Technical Analysis: Weekly Chart
In the weekly charts, SHOPIFY INC. was trading in down channel. SHOPIFY INC. is currently trading below all SMA.
RSI is in over sold zone which indicates mild bullishness. MACD is currently below zero which indicates bearishness.
Its immediate support is 318.73 & the resistance level is at 410.65.
SHOPIFY INC. was trading in the down channel before there is breakout upside.
SHOPIFY INC. Technical Analysis: Daily Chart
In the daily charts, SHOPIFY INC. is trading in an parallel channel. SHOPIFY INC. is currently trading above 20 days SMA & below 50 and 100 days SMA.
RSI is in buying zone which indicates bullishness. MACD is currently below zero which indicates bearishness.
Its immediate support is 355.66 & the resistance level is at 408.47.
SHOPIFY INC. will trade in an parallel channel until there is breakout either side.
How to Trade SHOPIFY INC. this Week:
SHOPIFY INC. will follow the down trend until their trend reversal. So, remain bearish on SHOPIFY INC..