Shopify (SHOP) Back at a Key Long-Term Support with Recent Size Options Flow in Open Interest
Shopify (SHOP) best in class name seeing a nice turn today at the 200-MA as well as YTD VWAP and re-test of the May breakout area at $1275. SHOP is in a strong longer-term trend and the rising channel from the April 2020 lows targets $1700+ on a continuation move. SHOP has seen some large bullish trades recently including a buyer of 1,750 January $1200 calls on 10/1 for $31.5M, a bullish roll of a position from early 2021. SHOP has also seen bull put spreads open in the January 2023 and June 2022 expirations at the $1360 and $1340 strikes, seeing limited near-term downside. SHOP has bullish open interest in the December $1550 calls as well from 9/3.