Big movements in Shopify stock price on Thursday moving 10.96% between high and low

The Shopify stock price gained 23.84% on the last trading day (Thursday, 4th May 2023), rising from $46.27 to $57.30. During the last trading day the stock fluctuated 10.96% from a day low at $53.91 to a day high of $59.82. The price has fallen in 6 of the last 10 days but is still up by 19.38% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 74 million more shares were traded than the day before. In total, 89 million shares were bought and sold for approximately $5.08 billion.

Citigroup is very positive about SHOP and gave it a "" rating on Feb 02, 2023. The price target was set to 54.

Given the current short-term trend, the stock is expected to rise 4.84% during the next 3 months and, with a 90% probability hold a price between $44.09 and $60.07 at the end of this 3-month period.

The Shopify stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $48.58 and $46.77. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 01, 2023, and so far it has risen 42.89%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

On the downside, the stock finds support just below today's level from accumulated volume at $53.39 and $45.30.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Shopify finds support just below today's level at $53.39. If this is broken, then the next support from accumulated volume will be at $45.30 and $44.91.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $5.91 between high and low, or 10.96%. For the last week, the stock has had daily average volatility of 5.22%.

Shopify holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.