SHOP Drops 4% as Price Tests 50-EMA Support at $155
$Shopify(SHOP)$
$156.05 (−4.22%): 20-EMA lost; 50-EMA test sparks caution—watch 155/160 (range guard 150–165)
Market Recap (today):
Shopify fell to $156.05, down −4.22%, on a $155.78–$163.09 range with ~9.63M shares vs ~7.68M avg (~1.25×).
Shares sit about 14.3% below the 52-week high ($182.19). Drivers: (1) Post-earnings digestion (Nov-4) after a sharp run-up; (2) risk-off in software/e-commerce weighing on high-beta names; (3) sellers faded the $170s supply zone, pulling price back to the 50-day trend line.
Indicators & 1-week view:
On TradingView, MACD(12,26,9) shows MACD ~3.08 < signal ~4.97 with a negative histogram (~−1.90)—bearish momentum rollover.
RSI(14) ~43 slips toward neutral-weak. Volume expanded on the down day, confirming supply.
Price broke below the 20-EMA (~$164.66) and tagged the 50-EMA (~$156.12); holding the 50-EMA is key. Bias (next week): Sideways-to-down unless bulls swiftly reclaim $160 → $165 (20-EMA); that would reset an attempt toward $170–$173.
Key levels: Support $155 / $152 / $150; Resistance $160 / $165 / $171–$175. Valuation: TTM P/E ~114.7× (Yahoo) vs S&P 500 ~27×—a premium that leaves little room for execution hiccups.
Target: Base rebound $160–$165 if $155 holds; failure below $155 risks $150–$148 before dip-buyers reappear.
Risk/Disclaimer: High beta and headline sensitivity (consumer spend, FX, competitive promos) can drive gaps. This is technical commentary only, not investment advice. Data cross-checked with Yahoo Finance & TradingView (today).
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