“SHOP” Until The Chart Drops:
Give the chart of SHOP below a lot of credit, as last March it dropped almost to the 300 number. It now trades 12% off most recent all-time highs, but keep in mind that it jumped 186.8% during an 11 of 14 week winning streak the weeks ending between 4/10-7/10/20. Monday it showed decent relative strength as it rose 1.1%, as the overall software group, via the IGV, fell by 1.4% (to keep it in perspective it came into Tuesday riding a 7 session winning streak. SHOP attempted to follow through after Monday’s break above a bullish ascending triangle. The response was muted, as it recorded a spinning top candle, which is often adept at finding names that are fatiguing after a nice run. Was the lukewarm attempt at follow-through today, a function of a weighing software space, or was it stock specific to SHOP? The rest of the week should prove very telling for that answer.