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Shopify Puts In Triple Top And Retreats

by
March 31, 2017 11:41 am
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Shopify Inc (US) (NYSE:SHOP) shares are trading lower by $1.12 at $67.93 in Friday's session. The retreat appears to be technical in nature as there is no specific news.

Instead, it appears the stock has put in a triple top for now and sellers are having to sell into weakness as opposed to into strength.

  • On Tuesday, it peaked at $73.00
  • On Wednesday, at $72.99
  • On Thursday, just under those highs at $72.88

Shopify's all-time closing high was made Wednesday at $72.72.

In a volatile session, the stock opened low and continued in that direction until it found a bottom just ahead of its March 23 low ($66.73) at $67.03. The rebound off that low cleared Thursday's closing price of $69.05, reaching $69.44 before falling back to the $68.00 area.

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