Shopify’s stock price (SHOP) rose in the intraday levels with positive signals from the RSI, while still reaching overbought levels compared to the stock’s movements, with the stock touching the resistance of the 50-day SMA, amid the dominance of the downward correctional wave in the short term, while hurt recently by piercing the upward short-term secondary trend line. 

Therefore we expect the stock to return lower, targeting the support of $68.00, provided the resistance of $74.72 holds on.

Trend forecast: Likely Bearish