SHOP below trend line and 10/50 SMA

16 Eyl 2019Shopify is looking pretty bearish to me. Notice, it is trading below its big up trend line, below its 10 SMA (orange line), below its 50 SMA (blue line), and looks to be heading for the 100 SMA (purple line) as well as the next major support area (dashed line).

I am going to stay neutral for the time being, but will keep a close eye on it. If SHOP can't bounce off the 100 SMA and/or that big support area, then I will enter a short position. After the huge run-up SHOP had, a big correction would not be surprising at all.