It’s hard to find a stronger chart than Shopify right now. This name has ripped higher off the March lows – it’s up 180% – and is up nicely for the entire year. From a fundamental perspective, they are on solid footing after inking a huge deal this week with Walmart. This helped the stock regain some recently lost ground on a selloff.
Indicators are looking great as well. Money flow has been very strong while the cloud is bullish and opening wider. The MACD is on the verge of a bullish crossover again, and if the stock has some followthrough, I’m pretty confident we’ll see more upside. The RSI stopped its downward path around the 50 marker and is moving up again.
The chart is quite bullish, and I think Shopify could hit the 1,000 mark pretty soon.
Take a deeper dive into the chart action of Shopify (Nasdaq: SHOP). Learn how to read the technicals as Bob marks up our chart of the month.
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About Shopify
Shopify provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, Australia, and internationally. The company was founded in 2004 and is headquartered in Ottawa, Canada.
