Shopify driven lower by important resistance - Analysis - 18-11-2022

Shopify's stock (SHOP) fell in the intraday levels, after the important resistance of 41.10 held on, while gathering momentum to pierce that resistance, while venting off overbought saturation in the RSI, with positive support from the 50-day SMA, amid the dominance of the upward correctional wave in the short term.

Therefore we expect the stock to return higher, targeting the resistance of 51.00, provided the initial resistance of 40.10 was breached.

Expected trend for today: Bullish