November 13 Chart of the Day - Shopify
Highly precise price action technical analysis offers the strongest trading edges and the most opportunities across the markets, making it the foundation of our reviews.
Shopify (SHOP) is one of the leading global e-commerce platforms, providing online storefront, payment, and logistics solutions for millions of businesses worldwide.
Down over 6% today and more than 20% since just last month, Shopify’s stock has seen sharp selling pressure following a failed attempt to hold above recent highs.
After a strong multi-month rally that brought price back near its all-time high, the market’s tone has shifted rapidly as sellers regain control and traders look for signs of where the next base might form.
We'll review the chart from a price action perspective to identify potential levels of interest in both directions.
The charts highlight key levels where investors and traders alike will be watching closely.
Consistent profitable investing and/or trading requires a structured, rules-based approach to price action analysis. Proven processes, disciplined risk-reward management, and precise execution create the foundation for long-term success.
When combined with powerful mental performance strategies, this method becomes the ultimate blueprint for thriving in any market, on any time frame.
As requested, this analysis will take a price action technical analysis approach to assess key levels and potential next price moves for this chart.
Since May 2023, we've showcased over 650+ Charts of the Day and provide a Free Quick Start Guide to traders with ambitious income goals for our patent-pending NeuroTrading Method™.
Monthly Chart
The monthly chart captures the torrid selloff that unfolded over the past month following a false breakout above the prior all-time highs.
After touching $182.19, price reversed aggressively, giving back a large portion of its recent gains. The failed breakout now stands as a significant technical event, suggesting that buyers exhausted momentum at the top of the range.
Key support areas sit near $149.97 and $128.52, aligning with major Fibonacci retracement levels. These zones may act as magnets if selling pressure persists, as traders watch to see whether long-term buyers begin to defend these levels.
With plenty of volatility traders have had much to be happy with but long term buy and hold investors may be getting nervous if they're still holding.
This kind of movement highlights why a cautious and well-informed approach is essential when evaluating a stock’s short to mid term outlook.
Weekly Chart
On the weekly timeframe, Shopify’s decline becomes even clearer as price retraces from the upper boundary of a multi-year range. The parabolic advance that carried shares back toward prior highs has now broken down into a corrective phase, leaving traders wondering where the bottom could be.
The $141.25 level currently stands out as a near-term reference point, with $167.53 marking potential overhead resistance.
Below that, Fibonacci levels at $128.52 and $112.76 outline the next major downside targets if sellers maintain control.
Until price stabilizes and forms a higher low, caution remains warranted for those looking to catch the next sustained move higher.
It goes without saying though, the only guarantee in the markets is that price cycles. It cycles up and it cycles down across all time frames and all charts and rarely, if ever, moves in a straight line.
Only time will tell for sure what price will do next...
We’ve combined Fibonacci levels with key support/resistance zones and trend analysis to pinpoint potential price levels of interest and future targets.
With precision-focused charts like these, both traders and investors can confidently build and execute their strategies.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
Because You Were Interested in today's FREE Chart of the Day...
You may also be interested in this FREE Trading Workshop designed for traders with ambitious income goals but struggle with consistency.
The Breakthrough Method For Traders Who Know What To Do But Struggle With Consistency
Gain Confidence and Clarity with the Patent-Pending NeuroTrading Method™
Learn The Exact System With This Step By Step Training (Even If You Can Only Trade Part Time)
Start Seeing Measurable Results in 21 Days