RSI low/high Values: [ 25 - 75 ]
* StockInvest.us uses dynamically calculated RSI max/min levels to determine when stock is oversold or overbought based on historical behavior.
AI Analysis of SHOP
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Shopify stock upgraded to Hold/Accumulate.
(Updated on Mar 27, 2024)

Hold candidate since Mar 27, 2024 PDF

The Shopify stock price gained 0.115% on the last trading day (Wednesday, 27th Mar 2024), rising from $78.53 to $78.62. During the last trading day the stock fluctuated 2.48% from a day low at $77.46 to a day high of $79.38. The price has been going up and down for this period, and there has been a -0.08% loss for the last 2 weeks. Volume fell on the last day by -62 thousand shares and in total, 4 million shares were bought and sold for approximately $341.02 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Shopify stock with a 90% probability to be traded between $71.54 and $87.98 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.

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SHOP Signals & Forecast

A buy signal was issued from a pivot bottom point on Tuesday, March 05, 2024, and so far it has risen 7.01%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Shopify stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $78.96 and $78.71. A break-up above any of these levels will issue buy signals.

Support, Risk & Stop-loss for Shopify stock

Shopify finds support from accumulated volume at $77.52 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $1.92 (2.48%) between high and low. For the last week, the stock has had daily average volatility of 2.95%.

Our recommended stop-loss: $74.91 (-4.72%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 16 days ago.)

Trading Expectations (SHOP) For The Upcoming Trading Day Of Thursday 28th

For the upcoming trading day on Thursday, 28th we expect Shopify Inc to open at $78.49, and during the day (based on 14 day Average True Range), to move between $75.86 and $81.38, which gives a possible trading interval of +/-$2.76 (+/-3.51%) up or down from last closing price. If Shopify Inc takes out the full calculated possible swing range there will be an estimated 7.03% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $77.52 (1.40%) than the resistance at $80.67 (2.61%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Shopify Inc stock A Buy?

Shopify holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation 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.

Current score: -0.730 Hold/Accumulate Upgraded

Predicted Opening Price for Shopify Inc of Thursday, March 28, 2024

Fair opening price March 28, 2024 Current price
$78.49 ( 0.170%) $78.62

The predicted opening price is based on yesterday's movements between high, low, and closing price.

Trading levels for SHOP

Fibonacci Support & Resistance Levels

Level Price
Resistance R3 80.41 2.27 %
R2 79.67 1.34 %
R1 79.22 0.763 %
Current price: 78.62
Support S1 77.75 -1.10 %
S2 77.30 -1.68 %
S3 76.57 -2.61 %

Accumulated Volume Support & Resistance Levels

Level Price
Resistance R3 87.87 11.77 %
R2 82.93 5.48 %
R1 80.67 2.61 %
Current price 78.62
Support S1 77.52 -1.40%
S2 77.18 -1.83%
S3 76.72 -2.42%

FAQ

What is the symbol for Shopify Stock and on which exchange is it traded?
The symbol for Shopify is SHOP and it is traded on the NYSE (New York Stock Exchange).

Should I buy or sell Shopify Stock?
Shopify holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation 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.

How to buy Shopify Stock?
Shopify Stock can be purchased through just about any brokerage firm, including online brokerage services.
Click here for our free guide on how to buy Shopify Stock.

What's the current price of Shopify Stock?
As of the end of day on the 2024-03-27, the price of an Shopify (SHOP) share was $78.62.

What is the 52-week high and low for Shopify Stock?
The 52-week high for Shopify Stock is $91.57 and the 52-week low is $43.50.

What is the market capitalization of Shopify Stock?
As of the 2024-03-27, the market capitalization of Shopify is 101.186B.

When is the next earnings date for Shopify?
The upcoming earnings date for Shopify is May 02, 2024.
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About Shopify Inc

Shopify Shopify Inc., a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marke... SHOP Profile

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