SHOPIFY INC - CLASS A (SHOP) Stock Technical Analysis
NASDAQ:SHOP - Nasdaq - CA82509L1076 - Common Stock - Currency: USD
We assign a technical rating of 9 out of 10 to SHOP. Although SHOP has been one of the better performers in the overall market, we have a mixed picture in the medium term time frame. But recently some decent action can be observed again.
The short term trend is positive, while the long term trend is neutral. So this is evolving in the right direction.
When comparing the yearly performance of all stocks, we notice that SHOP is one of the better performing stocks in the market, outperforming 93% of all stocks. On top of that, SHOP also shows a nice and consistent pattern of rising prices.
SHOP is one of the better performing stocks in the IT Services industry, it outperforms 83% of 82 stocks in the same industry.
SHOP has an average volume of 14402600 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 trading in the upper part of its 52 week range, so SHOP is lagging the market slightly.
In the last month SHOP has a been trading in the 88.14 - 112.38 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.
Considerably lower volume is observed in the last couple of days.
Although SHOP has an excellent technical rating, the quality of the presented setup is not ideal at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first.
More info and screens
62.23
112.56
We found 5 important support areas.
- A support zone ranging from 98.80 to 99.01. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
- A support zone ranging from 91.77 to 91.77. This zone is formed by a combination of multiple trend lines in multiple time frames.
- Support @81.38 from a trend line in the weekly time frame.
- A support zone ranging from 78.14 to 79.22. This zone is formed by a combination of multiple trend lines in the daily time frame.
- Support @62.86 from a trend line in the weekly time frame.
We found 1 important resistance area.
- A resistance zone ranging from 109.37 to 111.45. This zone is formed by a combination of multiple trend lines in multiple time frames.
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 | NEUTRAL | NEUTRAL | The long term trend for SHOP is neutral. |
| ChartMill Short Term Trend Indicator | UP | POSITIVE | The short term trend for SHOP is up. |
| ChartMill Relative Strength | 93.26 | POSITIVE | SHOP has a high relative strength, it outperformed 93.26% off all stocks on the market. |
| Simple Moving Average/SMA (20) | UP | POSITIVE | The current price of SHOP is above the rising SMA(20). |
| Simple Moving Average/SMA (50) | UP | POSITIVE | The current price of SHOP is above the rising SMA(50). |
| Simple Moving Average/SMA (200) | UP | POSITIVE | The current price of SHOP is above the rising SMA(200). |
| Relative Strength Index/RSI (14) | 51.71 | NEUTRAL | The RSI value for SHOP is a neutral value. |
| Moving Average Convergence Divergence/MACD (12, 26, 9) | -0.1 | NEGATIVE | The MACD value suggests SHOP has a negative trend. |
| Stochastics (14,3) | 58.72 | NEUTRAL | The Stochastics value for SHOP is a neutral value. |
| Average True Range in percent/ATR (20) | 4.56 | MEDIUM VOLATILITY | The ATR as a percentage value for SHOP suggests some volalility. |
| Average Directional Index/ADX (14) | 13.28 | NEGATIVE | The low ADX value for SHOP suggests a weak or negative trend. |
Daily CandleStick Patterns
Bullish Engulfing (D)
Bullish Hammer (D)
Bearish Inverted Hammer (D)
Hanging Man (D)
Bullish Harami (D)
Doji (D)
Gravestone Doji (D)
DragonFly Doji (D)
Bearish Engulfing (D)
Bearish Shooting Star (D)
Bearish Harami (D)
Inside Bar (D)
Red Dog Reversal Down (D)
Red Dog Reversal Up (D)
Dark Cloud Cover (D)
Weekly CandleStick Patterns
Bullish Engulfing (W)
Bullish Hammer (W)
Bearish Inverted Hammer (W)
Hanging Man (W)
Bullish Harami (W)
Doji (W)
Gravestone Doji (W)
DragonFly Doji (W)
Bearish Engulfing (W)
Bearish Shooting Star (W)
Bearish Harami (W)
Inside Bar (W)
Dark Cloud Cover (W)
Daily Chart Patterns
Bull Flag
Bear Flag
Ascending Triangle (D)
Descending Triangle (D)
Symmetrical Triangle (D)
Squeeze
Channel (D)
Channel Up (D)
Channel Down (D)
Rising Wedge (D)
Falling Wedge (D)
Double Bottom (D)
Multiple Bottom (D)
Double Top (D)
Multiple Top (D)
Weekly Chart Patterns
Weekly Bull Flag
Weekly Bear Flag
Squeeze Week
Channel (W)
Double Bottom (W)
Multiple Bottom (W)
Double Top (W)
Multiple Top (W)
101.51
-1.78 (-1.72%)
Chartmill TA Rating
Chartmill Setup Rating
Sector
GICS SectorInformation Technology
GICS IndustryIT Services
Performance
% Chg-1.72%
1 Week-8.34%
2 Weeks10.61%
1 Month4.52%
3 Month-12.16%
6 Month-5.1%
12 Month78.18%
2 Year77.5%
3 Year170.61%
5 Year33.95%
10 Year3631.99%
15 YearN/A
Volatility
ATR(14)4.99
ATR(20)%4.56%
ATR Inc-41.75%
Range Today2.65
ADR(20)3.78
ADR(20)%3.73%
Trend & SMA
ST Trend
LT Trend
SMA(5)
SMA(10)
SMA(20)
SMA(50)
SMA(100)
SMA(200)
Relative Strength & Ranges
CRS93.26
Mansfield1.23
10 Day High112.38
10 Day Low99.01
20 Day High112.38
20 Day Low88.14
52 Week High129.38
52 Week Low48.56
CS1 End99.01
CR1 Start109.37
Volume & EV
DER(3)-1.21%
DER(5)-0.46%
Volume6.00M
Volume Incr-54.84%
Vol(5)7.91M
Vol(50)14.40M