Tue. Oct 19th, 2021

If during the month of February we commented on the positive results of Shopify last year, thanks to the impetus that e-commerce has experienced due to the Covid-19 pandemic, in recent sessions we have been able to observe what this company is like. making a strong bullish rally that has led him to set new all-time highs.

So far this year, this company has been valued at 32.07%, also obtaining positive results during the first quarter of the year that led to a strong earnings per share of $ 2.01 per share compared to the $ 0.74 expected by the market consensus. In these results presented last April, we also observed that revenue exceeded expectations to reach $ 988.65 million.

As we can see in the daily chart, since the beginning of the pandemic, this company has experienced a strong revaluation in the financial markets from $ 300 to more than $ 1,550 per share.

In addition to the positive results, during the last sessions, we have witnessed the The company announced that its mobile payment technology will hit Facebook, Instagram and Google later this year, even if customers don’t use Shopify’s online store.

If we look at the same chart above, but enlarged, we can see that after overcoming the downward trend line on June 14 in discontinuous red, the price has experienced a sharp rise that has led it to mark new all-time highs.

Currently, the price is in a correction that has led it to bounce back to the level of fibonacci retracement of 23.6%, trading at levels of its previous all-time high. If the price manages to maintain these levels, we may see a new upward momentum that may mark new all-time highs.

By contrast, we can overbought its stochastic indicator, so we cannot rule out further corrections, as it is currently trading very far from its main support level, averaging 18 blank sessions.

Source: Admiral Markets MetaTrader 5. Daily Shopify chart. Data range: October 19, 2020 to June 29, 2021. Prepared June 29, 2021 at 11:45 a.m. CEST. Please note that past returns do not guarantee future returns.

Evolution in the last 5 years:

  • 2020: 184.71%
  • 2019: 187.17%
  • 2018: 37.08%
  • 2017: 135.60%
  • 2016: 66.16%

With the Admirals Trade.MT5 account, you can change contracts for differences (CFDs) from Shopify and more than 3,000 shares. CFDs allow traders to try to benefit from the bullish and bearish markets as well as the use of leverage. Click on the following banner to open an account today:

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