If Shopify (SHOP) Trades Under This Level, Expect a Decisive Move Lower

A support level has formed in the chart of Shopify (SHOP).  If the stock breaks below this level, a significant down move is expected…

Shopify (SHOP) offers an e-commerce platform primarily to small and midsize businesses. Merchants use the company’s software to run their business across various sales channels, such as web and mobile storefronts, physical retail locations, and social media storefronts. The company has been benefitting from a pandemic-induced e-commerce shopping boom.

Take a look at the 1-year chart of SHOP with the added notations…

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