Shopify exposed to negative pressure - Analysis - 19-09-2023

Shopify's stock (SHOP) skidded in the intraday levels, amid negative signals from the RSI, trespassing thereafter the support of the 50-day SMA and exposing the stock to doubled negative pressure, as the stock trades alongside the main upward trend line in the medium term.

Therefore we expect more losses for the stock, targeting the first support at 55.42, provided the resistance of 65.54 holds on.

Expected trend for today: Bearish