Shopify Makes Another Leg Lower

Shopify Inc (US) SHOP shares are trading lower by $7.50 at $89.98 in Tuesday's session.

The stock has been under selling since Citron Research targeted it as a short-selling opportunity on Oct. 4. Earlier today, BNN reported Dynamic Funds Manager Alex Lane expressed a short position in the stock.

After a flat open, Shopify surpassed Monday's high ($98.49), but came up shy of Friday's high ($100.20) as the rally stalled at $99.00 and reversed course. The steady decline took the stock to $89.35 and it's now attempting to remain in the $90.00 handle.

If the decline continues, the next daily support doesn't come in until its Aug. 11 low of $88.50.