Shopify is forming a Double Top pattern in a 15-minute time frame, a breakdown of the trendline will complete the pattern formation which will lead to a negative trend in the security.

Currently, the price is trading below Fast (9) & Slow (50) Ema, indicating a negative security trend. A pullback towards Fast (9) Ema is expected as the price tends to trade near the average, and currently, it's trading far from the EMA.

This will lead to an opportunity for an entry.

The DI- is trading above DI+ which indicates a negative trend in the security whereas ADX is trading above DI+ which indicates strength in the downtrend.

Advice: Wait for a pullback toward EMA and then enter short if price trades below the neckline.

Pullback and Entry

Feb 01 2024