SHOP is about to explode.
Shopify is a commerce platform that allows anyone to set up an online store and sell their products. Merchants can also sell their products in person with Shopify POS.
SHOP has had an explosive day today, and this may signal a dramatic beginning of an uptrend.
SHOP is up 6 % today. While this spike abstractly may not suggest a trend, looking at the long term chart shows how this may be significant.
SHOP has displayed exponential growth from the start of 2019 up until the end of July. However, from July up till today, SHOP has been in consolidation. You can see very clear resistance and support, as I have highlighted in purple.
The resistance line has been tested multiple times and has been resisted multiple times.
However, today SHOP broke through that resistance by a drastic amount. If this uptrend continues for the week, SHOP may be in its next phase of growth.
This is an ecommerce company that went from $110 to $1156 in 18 months. If this breakout is true, who knows the next phase of SHOP.