Shopify technical analysis

Shopify Inc. just bounced reached a resistance. If SHOP fails to break through this resistance, then it may find some support on 3 supports around $ 155, $ 135 and $ 120. If SHOP would fall lower, then there isn't much support left till the $ 60 level. The daily RSI is 74.4 which is slightly in the overbought area. The MACD is still diverging but it may converge in the next few days.

Green rectangles could be buying oppertunities and red rectangles could be profit taking or risk management areas.

Disclaimer: This is not financial advise.

I just want to give my humble opinion on some products by doing technical analysis. There may be some minor and/or major flaws. Nobody is perfect and I'm willing to learn from my mistakes through your opinions. Thank you.

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