) is a Canada-based global commerce company. The company offers an e-commerce platform to small and medium-size businesses. The subscription solutions segment allows Shopify merchants to conduct e-commerce on a variety of platforms, including the company’s website, physical stores, pop-up stores, kiosks, social networks . The merchant solutions segment offers add-on products for the platform that facilitates e-commerce and includes Shopify Payments, Shopify Shipping, and Shopify Capital.
A 2 year and 8 months old Cup & Handle formation is in the making on monthly chart since January 2022. The cup is completed in February 2024 at 91.57. Since Feb, the handle of the pattern is in the making and prices trading hovering between 91.57 to 48.56. A strong breakout of 91/92 pre or post earnings will eye 105 to 111 in the short term, while the medium to long term target is 150/152 with more room to 170/172.Conclusion:
As the English proverb says, “There's many a slip 'twixt the cup and the lip.” These patterns are high probability setups with about 83% success rate, however, there is a 17% possibility of failure, the key is to manage risk using stoploss and expectation using targets/goals.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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