Shopify finds support from accumulated volume at $34.10 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested. This causes a divergence between volume and price and it may be an early warning. Volume fell during the last trading day despite gaining prices. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Further rise is indicated until a new top pivot has been found. A buy signal was issued from a pivot bottom point on Tuesday, October 11, 2022, and so far it has risen 33.19%. A breakdown below any of these levels will issue sell signals.
On corrections down, there will be some support from the lines at $30.77 and $29.60. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. The Shopify stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Mostly positive signals in the chart today.
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