Shopify appears to have all the makings of a stock ready for its next move. Relative strength is starting to rise, full stochastics are striding higher, the stock is about to break a 6-month resistance line and the PPO is resetting at zero!
This high growth stock is really looking good. Considering how tight a stop under this week's low would be, this looks all set to rise. If it needs more time, I want out anyway. This stock is listed in Canada as well at SHOP.TO.
Here are some of my videos from the last week. The Final Bar video discusses what to look for on the PPO.
Below is a video produced this week by our video producer Gretchen Pitluk and narrated by Erin Swenlin. I found it very informative, so I thought I would share it here.
For those of you who are looking for a small gift, you might have family or friends that would like to learn more about the basics of charting; if so, they'll love Stock Charts for Dummies. The first section of the book walks through all the chart settings to get the charts you want, while the second section explores why you might use charts for investing and the third section is about putting it all together.
This Final Bar video shows three simple scans users can work through to help find strong stocks off of the lows.
If you are missing intermarket signals in the market, follow me on Twitter and check out my Vimeo Channel. Bookmark it for easy access!
Greg Schnell, CMT, MFTA
Senior Technical Analyst, StockCharts.com
Author, Stock Charts for Dummies
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The Canadian Technician