Shopify's stock (SHOP) rose after shareholders agreed to split the stock 10-1 while issuing a new founder portion to boost CEO Topi Lotki's control over the electronics trade company, with shareholders getting 9 additional shares from the A or B category, with A shares starting trading by June 29.
The stock is trying to recoup losses and mark a profit of 5.58%, or 20.12 points, settling at 380.74, with trading volumes surpassing 4.7 million shares, above 10-day averages of 4 million shares, amid the dominance of the main downward trend in the short term, as it suffers pressure from the 50-day SMA, with negative signals from the RSI after reaching overbought levels.
Therefore we expect the stock to return lower, targeting the pivotal support of 307.67, provided the resistance of 510 holds on.
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Expected trend for today: Bearish