SHOPIFY INC - CLASS A (SHOP) Stock Technical Analysis
NASDAQ:SHOP • CA82509L1076
We assign a technical rating of 0 out of 10 to SHOP. SHOP's overall performance in the market is below average. Also recent evolutions are not that positive. Both the medium and short term picture give negative signs.
- Both the long and short term trends are negative. It is better to avoid buying stocks with negative trends.
- When comparing the yearly performance of all stocks, SHOP is a bad performer in the overall market: 77% of all stocks are doing better.
- SHOP is one of the better performing stocks in the IT Services industry, it outperforms 70% of 86 stocks in the same industry.
- In the last month SHOP has a been trading in the 104.92 - 141.50 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
- SHOP has an average volume of 11663000 traded shares per day. This is a good sign as it is always nice to have a liquid stock.
- SHOP is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so SHOP is lagging the market.
SHOP has a bad technical rating, but it does show a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 126.20. Right above this resistance zone may be a good entry point.
More info and screens
105.98
We found 3 important support areas.
- Support @114.45 from a trend line in the weekly time frame.
- A support zone ranging from 110.66 to 112.11. This zone is formed by a combination of multiple trend lines in multiple time frames.
- Support @107.05 from a trend line in the weekly time frame.
When analyzing the resistance we notice 2 important areas.
- A resistance zone ranging from 126.20 to 127.24. This zone is formed by a combination of multiple trend lines in multiple time frames.
- Resistance @162.24 from a trend line in the daily time frame.
The Technical Rating and Setup analysis above combine different indicators and trends in different timeframes. Individual signals from indicators may give more contradictive signals and should always be interpreted in the more global context.
| Indicator | Value | Signal | Comment |
|---|---|---|---|
| ChartMill Long Term Trend Indicator | DOWN | NEGATIVE | The long term trend for SHOP is down. |
| ChartMill Short Term Trend Indicator | DOWN | NEGATIVE | The short term trend for SHOP is down. |
| ChartMill Relative Strength | 23.04 | NEGATIVE | SHOP has a low relative strength, it was outperformed by 76.96% off all stocks on the market. |
| Simple Moving Average/SMA (20) | DOWN | MIXED | The current price of SHOP is above a declining SMA(20). |
| Simple Moving Average/SMA (50) | DOWN | NEGATIVE | The current price of SHOP is below a declining SMA(50). |
| Simple Moving Average/SMA (200) | UP | MIXED | The current price of SHOP is below the rising SMA(200). |
| Relative Strength Index/RSI (14) | 44.46 | NEUTRAL | The RSI value for SHOP is a neutral value. |
| Moving Average Convergence Divergence/MACD (12, 26, 9) | 1.93 | POSITIVE | The MACD value suggests SHOP has a positive trend, although the MACD value is declining. |
| Stochastics (14,3) | 50.93 | NEUTRAL | The Stochastics value for SHOP is a neutral value. |
| Average True Range in percent/ATR (20) | 8.07 | HIGH VOLATILITY | The high ATR as a percentage value for SHOP suggests high volalility. |
| Average Directional Index/ADX (14) | 27.44 | POSITIVE | The high ADX value value for SHOP suggests a strong trend. |
120.73
-5.21 (-4.14%)
SHOPIFY INC - CLASS A / SHOP FAQ
What is the ChartMill technical rating of SHOPIFY INC - CLASS A (SHOP) stock?
ChartMill assigns a technical rating of 0 / 10 to SHOP.
What is the trend direction for SHOP stock?
The current trend direction for SHOPIFY INC - CLASS A (SHOP) is Bearish.
What is the RSI signal for SHOP stock?
SHOPIFY INC - CLASS A (SHOP) has an RSI value of 44.4623. This indicates that the stock is currently neutral.
Can you provide the short term momentum for SHOPIFY INC - CLASS A?
The short term momentum for SHOPIFY INC - CLASS A (SHOP) is negative.
Can you provide the buy/sell signal for SHOPIFY INC - CLASS A?
The buy/sell signal for SHOPIFY INC - CLASS A (SHOP) is sell as both the short term and long term trends are negative.