SHOPIFY INC. WEEKLY TECHNICAL ANALYSIS – 01 MARCH 2022

SHOPIFY INC. WEEKLY TECHNICAL ANALYSIS – 01 MARCH 2022

SHOPIFY INC. Technical Analysis: Weekly Chart

In the weekly charts, SHOPIFY INC. was trading in the up channel.

It is trading below all SMA.

The immediate support is 592.00 & the resistance level is at 835.88.

SHOPIFY INC. was trading in the up channel before the breakout.

SHOPIFY INC. Technical Analysis: Daily Chart

In the daily charts, SHOPIFY INC. is trading in the down channel.

It is trading below all SMA.

The immediate support is 623.78 & the resistance level is 811.33.

SHOPIFY INC. is trading in the down channel until there is a trend reversal. 

How to Trade SHOPIFY INC. this Week:

SHOPIFY INC. will follow the downtrend until their trend reversal. So, remain bearish on SHOPIFY INC.

TRADE SUGGESTION- SELL AT 693.48, TAKE PROFIT AT 623.78 AND STOP LOSS AT 702.88

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