Shopify tries to recoup losses - Analysis - 08-06-2022

Economies.com
2022-06-08 12:06PM UTC

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.

 

Trade US Stocks with 1:50 leverage

Expected trend for today: Bearish

Stocks Technical Analysis

United States Analysis

Stocks

CVS price climbs cautiously - Forecast today - 28-03-2024
2024-03-28 11:18AM UTC
CVS Health Corporation Stock Analysis CVS Health Corporation’s stock price edged up in the ...
United States Analysis

Stocks

eBay price starts recovering - Forecast today - 28-03-2024
2024-03-28 11:17AM UTC
eBay Stock Analysis eBay’s stock price rose in the intraday levels amid the dominance of the ...
United States Analysis

Stocks

Taiwan Semiconductor price seeks a bottom to boost it higher - 28-03-2024
2024-03-28 11:17AM UTC
Taiwan Semiconductor Stock Analysis Taiwan Semiconductor’s stock price (TSM) fell in the ...