Shop Stock: Shopify Inc (SHOP): price Up $22.96 (1.85)% Over Past Day, Up $23.54 (1.9)% Over Past Hour
The Hourly View for SHOP
Currently, SHOP (Get Ratings)’s price is up $23.54 (1.9%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them so that price is now turning above it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
Out of Business Services stocks, SHOP ranks 3rd in regards to today’s price percentage change.
SHOP’s Technical Outlook on the Daily Chart
Currently, SHOP’s price is up $22.96 (1.85%) from the day prior. It’s been a feast for bulls operating on the daily timeframe, as SHOP has now gone up 8 of the past 10 days. As for the trend on the daily timeframe, we see the clearest trend on the 100 day timeframe. Of note is that the 20 day changed directions on SHOP; it is now pointing down. The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. Shopify Inc’s price action over the past 90 days can be seen via the chart below.
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