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Shopify Stock Rally Putters Out; Shares Hit New High Then Reverse In Failed Break-Out

Shopify stock hit an all-time high in intraday trading on Monday, then reversed in a bearish failed break-out.




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Shopify (SHOP) stock has gained in 11 of the past 12 trading sessions. Shares in the e-commerce firm were up 1.1% to 1,482 in late afternoon trading on the stock market today.

Shopify stock had climbed as much as 5.8% to 1,552.06 on Monday. Its previous high of 1,499.75 was set on Feb. 10.

Shopify stock, which has forged a cup base, holds a buy point of 1,499.85. Shares of Shopify touched a buy point in intraday trading but could close below.

Shopify hosts its virtual Unite user conference on June 29.

The e-commerce firm recently expanded partnerships with Alphabet‘s (GOOGL) Google and Facebook (FB). Shopify, an investor in hot startup Stripe, apparently has shrugged off investor concern over executive departures.

No 2021 Guidance Offered For Shopify Stock

Shopify stock holds a Relative Strength Rating of 85 out of a best-possible 99.

The company’s earnings boomed in 2020 as merchants rushed to set up online storefronts, but analysts expect earnings and revenue growth to slow markedly in the back half of 2021 as economies reopen. The Canada-based company has not provided 2021 guidance.

Shopify sets up e-commerce websites for small businesses, and partners with others to handle digital payments and shipping. Also, Shopify is building a U.S. distribution network to store and ship products for its merchant customers.

If you’re new to IBD, consider taking a look at its stock trading system and CAN SLIM basics. Recognizing chart patterns, such as those with Shopify stock, is one key to the investment guidelines.

IBD offers a broad range of growth stock lists, such as Leaderboard. Investors also can create watchlists, find companies nearing a buy point, or develop custom screens at IBD MarketSmith.

Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.

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