As of May 22, 2026, SHOP (Shopify Inc.) is in a falling knife state on the daily chart, with a confidence level of 72%. Key support is at $98.0 and key resistance at $116. Sharp selloff into a new swing low near ~$98 followed by a bounce to ~$103, still below all key MAs; RSI ~41 suggests weak/oversold-rebound conditions rather than strength.
Bearish continuation: bounce stalls under the $110–$116 supply/MA cluster, then retest and potential break of $98 support (still in a wave-3/extended C-type impulse feel). Prob ~60%.
Bottoming attempt: hold $98 as a higher low vs the flush, then grind back above EMA50/SMA50 and test the next overhead band (EMA100/SMA100). Prob ~40%.
Daily close below $98.00 (new LL) with follow-through
Two consecutive daily closes above $116.00 (reclaim EMA50/SMA50 zone) holding
Scale in only at/under the recent swing-low support ($98) and prior demand pockets; heavier adds only if capitulation drives price toward deeper Fib-style retracement zones of the prior uptrend while risk is controlled.
Trim into successive overhead MA/supply zones (EMA100/SMA100 then SMA200) and exit into the prior distribution/top area where long-term upside becomes more crowded/risk of another major rejection rises.
As of May 22, 2026, SHOP (Shopify Inc.) is in a falling knife state on the daily chart with 72% confidence. Sharp selloff into a new swing low near ~$98 followed by a bounce to ~$103, still below all key MAs; RSI ~41 suggests weak/oversold-rebound conditions rather than strength.
On the daily timeframe, SHOP has key support at $98.0 and key resistance at $116. The most likely scenario (bearish) targets $98.0 and $90.0, with a revert level at $112.
SHOP (Shopify Inc.) is currently classified as falling knife on the daily chart, with 72% confidence. Confirmation requires: Daily close below $98.00 (new LL) with follow-through This would be invalidated by: Two consecutive daily closes above $116.00 (reclaim EMA50/SMA50 zone) holding
The most likely scenario (bearish) targets $98.0 and $90.0, with a revert level at $112. The alternative scenario (bullish) targets $116 and $124.
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