$SHOP in possible bull flag

$SHOP in possible bull flag


May 2023


Alex Cole

$SHOP experienced a strong gap higher at the beginning of this month.

Since then, price has remained elevated although moving slightly against the “Go” trend. As price has moved lower it has stayed within a channel and now we see the GoNoGo Oscillator has fallen to test the zero line.  We will watch to see if the oscillator finds support at this level.  If support is found, then we can say that momentum is back in the direction of the “Go” trend and that might give price the push it needs to break out of the flag pattern.  We could then use a measured move method to look for a target around $74.