$SHOP testing lows again

$SHOP testing lows again


July 2022


Alex Cole

$SHOP has fallen from highs over $176.

Since entering a "NoGo" in December of last year, price has fallen to test $30.  We ask now if this is a base or if price can fall further as GoNoGo Oscillator falls out of a GoNoGo Squeeze into negative territory. As you can see there may be some support at these levels as there has been throughout this consolidation.  We also see some bullish divergence as GoNoGo Oscillator makes higher lows.  The weight of the evidence approach suggests however that the "NoGo" trend is still in place and as the oscillator moves back below zero it suggests momentum returning in the direction of the "NoGo" trend.