SHOPIFY (SHOP) Explosive Breakout Rally with Earnings Boost!

Nov 13

The Shopify (SHOP) weekly timeframe chart showcases a massive breakout, driven by exceptional Q3 earnings performance. The stock has successfully hit Target 2 (TP2 at $109.30), with the remaining targets TP3 ($132.50) and TP4 ($146.84) in sight.

SHOPIFY (SHOP) Stock Key Technical Highlights:

• Clear Entry at $71.76: The bullish momentum initiated a long trade setup, confirmed by the breakout above critical levels.
  
• Earnings Power-Up: Shopify's Q3 revenue surged 26% year-over-year, reaching $2.16 billion, and net income hit $828 million. This exceptional growth propelled the stock price up 22% to $109.81 post-earnings release, further cementing the breakout rally.
  
• Dynamic Moving Averages: The RISOLOGICAL Lines (all GREEN lines) beautifully supports the rally, reflecting strong upward momentum.
  

SHOPIFY Trade Analysis:

• Risk-Reward Balance: The stop-loss (SL) placed at $60.16 offers an optimized risk management strategy.
  
• Profit Potential: With TP2 already achieved, the path toward TP3 ($132.50) and TP4 ($146.84) looks promising, driven by positive market sentiment and strong fundamentals.
  

Final Words:
Shopify's post-earnings rally demonstrates a perfect confluence of technical and fundamental strength.

Keep a close eye on volume and momentum as the next targets approach!