As of May 22, 2026, SHOP (Shopify Inc.) is in a falling knife state on the weekly chart, with a confidence level of 68%. Key support is at $99.0 and key resistance at $116. Sharp weekly selloff to ~$103 with a large red close, breaking below the ~$110–$115 support band and sitting just above EMA200 (~$99.8); RSI weak (~39.6).
Bearish continuation: a weak bounce rejects near prior breakdown levels, then price loses EMA200 and probes the next demand zone; this fits a larger ABC-style correction after a completed 5-wave advance into the ~$175 peak.
Bullish stabilization: undercut-and-rally / reclaim of EMA200 holds, then price mean-reverts to EMA100; this would resemble a Wave C capitulation low completing the correction, followed by an early Wave 1/2 base-build.
Weekly close below $99 would confirm continued knife-down risk toward the low $90s.
Weekly close back above $116 (EMA100) would invalidate the falling-knife label and shift to a bottoming attempt.
Scale near EMA200 (~$100) first; add on flush into the $90 demand/swing area; heavy add only if a deeper fib-style retrace tests the low $80s near SMA200 (~$84).
Trim into mean-reversion/resistance at EMA50/SMA50 (~$126–$136), trim more into prior distribution zone ~$150–$165, and consider full exit near the prior peak/upper resistance ~$170–$180.
As of May 22, 2026, SHOP (Shopify Inc.) is in a falling knife state on the weekly chart with 68% confidence. Sharp weekly selloff to ~$103 with a large red close, breaking below the ~$110–$115 support band and sitting just above EMA200 (~$99.8); RSI weak (~39.6).
On the weekly timeframe, SHOP has key support at $99.0 and key resistance at $116. The most likely scenario (bearish) targets $99.0 and $90.0, with a revert level at $110.
SHOP (Shopify Inc.) is currently classified as falling knife on the weekly chart, with 68% confidence. Confirmation requires: Weekly close below $99 would confirm continued knife-down risk toward the low $90s. This would be invalidated by: Weekly close back above $116 (EMA100) would invalidate the falling-knife label and shift to a bottoming attempt.
The most likely scenario (bearish) targets $99.0 and $90.0, with a revert level at $110. The alternative scenario (bullish) targets $116 and $126.
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