FREE DOWNLOAD

The 5-minute mental check-in that helps you focus on the right things in trading and start winning more consistently, even if you are terrible at picking stocks!

Shopify (SHOP) Explodes to the Moon After Earnings +21% – Stock Analysis

Listen to Our Podcast In Your Favorite Platform

Welcome to another video! In today’s discussion, we’ll be focusing on Shopify, a company that has seen a remarkable surge of 20% following its recent earnings report. While the earnings details are important, we’re primarily interested in how the stock is behaving in light of this news.

Shopify’s Earnings Report

Shopify recently released its earnings report, which was well-received by the market, driving the stock up by 20%. The report also highlighted the company’s launch of AI tools, sales performance, and expense management. However, our primary concern is understanding the stock’s price action.

Market Overview

Taking a broader view of the market, it’s evident that many companies are performing well today, with a sea of green across the board. Amazon, CRM, Etsy, and several others are also experiencing gains. However, it’s worth noting that Meta (formerly Facebook) appears to be facing a bit of a downturn.

Shopify’s Technical Analysis

Now, let’s dive into the technical analysis of Shopify. One positive aspect is the presence of a potential ABCD pattern, suggesting an uptrend. However, there’s a slight cause for concern due to a gap in the stock’s price. Gaps can be significant points of interest, so it’s essential to monitor how the stock behaves around this gap.

Chart Analysis

Shopify’s price action shows a series of support levels. There’s Support Level One and Support Level Two, which the stock is currently approaching. On the weekly chart, the stock briefly dipped below the 50 level but rebounded. This can be seen as a buying opportunity, assuming that volume and price action support this move.

Trading Strategy

Given the substantial 21% gain in the stock, it’s advisable not to chase the stock at these levels. If you’re not already in the trade, consider a cautious approach. Nibble in—buy a smaller position—rather than going all in. This approach allows you to enter the trade without overcommitting while still benefiting from the potential upside.

Critical Levels

Keep a close watch on the 50 level. If the stock breaks back into the gap, this is a crucial level to monitor. Failure to hold this level could raise concerns. However, if the stock pulls back and bounces, it presents a favorable opportunity to enter.

Conclusion

Shopify’s strong performance following its earnings report is impressive. The technical analysis suggests that the stock is currently holding at key support levels. The price gap is a point of interest, and you should watch how the stock behaves around this level. Maintain a cautious approach if you’re considering entering a trade at these elevated levels, and monitor volume and price action for confirmation.

Finally, I appreciate all the comments and interactions on social media platforms. If you’re interested in delving deeper into technical analysis, I encourage you to explore our “Mastering Technical Analysis” course, which offers a wealth of knowledge. Additionally, you can access trading webinars for valuable insights and free resources.

Thank you for joining me, and I look forward to the next video. Take care!

In this class we will focus at looking at the technicals, learning about charts, how to check for support resistance, strength of the move, indicators, understanding price movements, ABCD patterns, and more! Ready to take your technical analysis to the next level? ​

In this live class, you will learn the right way to trade single options. You will learn how to choose which single options to buy, how to reduce the theta problem, and how to create a rocket strategy to trading single options.

If you wanted to learn the ins and outs to adjusting options, this session will go in detail about how to adjust your options trades. We will cover different ways to adjust, how to adjust, different methods, pros and cons, and what to do as positions go against you.

Ready to Learn Profitable

Strategies to Trade Stocks?

If you are serious to learn how to trade stocks more profitably, make more money, and trade with confidence...

Then sign up to get our free educational videos!

FREE NEWSLETTER

Get Access to All Secret Files & Libraries for FREE!

To get access to all of my freebies, enter your email below & I will send you a list of all my freebies!

ALL FREEBIES

4575

BUYING OR BUILDING A

TRADING COMPUTER

In this FREE video series we cover exactly what kind of trading computer or workstation you should buy or build. From the number of monitors to the processor and more! 

FREE MINI COURSE

Reaching $1,000,000
in The Stock Market!

Want to see for yourself how long it will take you to reach $1,000,000 based on your personal return? Then download my Excel cheatsheet for FREE to see and play with the numbers!

FREE SPREADSHEET

5 DIFFERENT IRON

CONDOR SETUPS

In this free video, I'll show you 5 powerful iron condor setups & strategies you can use!

FREE VIDEO

FREE 20 MIN CALL WITH SASHA

Want to work with Sasha for 3+ months & learn how to trade options the right way?

DISCOVERY CALL!

To get started, enter your email address and we will send you details on how to book your session!

NEW TO OPTIONS TRADING?

Unlock the World of Trading Options in just 4 Weeks, with our FREE Options Trading

for Beginners Mini Course.

FREE MINI COURSE

HOW TO SELL

OPTION PUTS

Maximize your profits by mastering the art of selling option puts with our free mini course!

FREE MINI COURSE!

How to Trade

Covered Calls

Learn how to make Weekly and Monthly Income by Trading Covered Calls, with our new mini-course!

FREE MINI COURSE!

OPTION TRADING GEEKS CHEATSHEET

Download my options greeks worksheet and I will also send you 6+ other freebies as well!

Enter your email below to get the secret link.

3 POWERFUL OPTION

VERTICAL STRATEGIES

Discover 3 super powerful vertical

strategies & how to set them up!

FREE VIDEO

THINKORSWIM

OPTIONS PLATFORM

Learn to see how I personally use the ThinkorSwim platform to trading options and what are some of the tips and tricks to using this platform efficiently!

VIDEO TRAINING

Top 15 Dividend Stocks for Retirement in 2023

Download our list of the best stocks for retirement. Simply enter your email address below to get the PDF!

HOW TO FIND

HOT STOCKS!

Get the free checklist to help you find

the best stocks to trade, quick & easy!

FREE CHECKLIST

4608

OPTION STRATEGIES

Enter your email address below and get access to our video strategy session on 25+ option strategies and how to set them up!

25