(No) Time to $SHOP for a Deal?

(No) Time to $SHOP for a Deal?


May 2022


Alex Cole

Shopify Inc, $SHOP, has been in a strong "NoGo" trend since the end of 2021.

With mostly uninterrupted "NoGo" bars and GoNoGo Oscillator staying below zero and finding resistance at that level, there has been little to get excited about for those that were SHOP-ping for a "Go" trend.  Now, GoNoGo Oscillator is back testing the zero line from below as price rally off recent lows.  We will look to see if that level proves to be resistance again and if so we will expect a new leg lower in price to test the low at $306.