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SHOP Bull Flag and Squeeze Setup

SHOP Bull Flag and Squeeze Setup

by | Aug 31, 2021 | Chart SetUps

Shopify (SHOP) shares flagging in a small range above VWAP from the recent lows and just below a big volume shelf at $1562. The top of monthly value sits right at the $1562 level as well.  A breakout can re-test the prior highs at $1645 and then a longer-term measured move to $1730. Shares are forming a daily long squeeze and both MACD and RSI are neutral but prepared to turn higher with some momentum.