Time to Go SHOPping
$SHOP has taken a hit, after Andrew Left threw a right at the stock.
Whether or not this short alert will weigh down on the stock for a while, no one knows for certain.
What we do know, as trend traders, is that the stock is now at a great location for a right in, right out trade.
Let’s take a look at the daily chart of $SHOP below:
Specifically, we have the 100MA right below us on this strong trending stock. For trend traders, this is a great location to get long.
We’ll be looking to initiate a long position (watch for our tweet) when we get closer to the 100MA, with a stop just below it.