Shopify: Strong Company Below Key Moving AveragesShopify, Inc. Class ABATS:SHOPJP9X One of the names I’ve been watching closely is Shopify (SHOP) on the weekly chart. We are currently in a resistance zone with a bullish trend trying to develop. The stock is still trading below the 200-day, weekly, and monthly moving averages. Personally, I like buying quality blue chips when they are trading below the 200 EMA — it has historically been a strong area for medium to long-term entries. There is significant unfilled liquidity down in the low $70s, but I think it’s unlikely we reach that zone anytime soon. It’s more probable that we fill the daily gap around $120 first before making a stronger move higher. Overall, Shopify remains a strong company with solid fundamentals and good long-term tailwinds in e-commerce. Analysts have an average price target near $250 for the next 12-18 months, and many expect it to challenge all-time highs again by the end of the year. I’ll be adding to my position in the coming days as part of my medium to long-term portfolio. Just sharing what I’m seeing. Always do your own research. NFA.