Shares of Shopify Inc (SHOP) are up 35% in the last 6 weeks. For investors looking for a trade, finally one has emerged. There is at technical double top on the daily chart approaching. The level is $408.00 and it is a pivot high (all-time high) from August 2019. Price should hit mega resistance at this level and pull back. The trade is to short Shopify at $408 and look for a pull back to $380.00. This will be a classic retrace, pull back off the double top resistance. Shopify is extended on all technical metrics making the trade very likely to play out if it tags $408 in the next 5 trading days. If it does not tag it in that time frame, the trade is off the table. Investors and stock traders can enjoy this trading opportunity on Shopify Inc.
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