2024-05-23 14:29:34 ET
Summary
- Shopify's Q1 results beat expectations with adjusted earnings of $0.20 per share and revenues of $1.86 billion.
- However, the stock is trading under significant selling pressure, and we see a variety of technical signals that could point toward a significant decline in share prices going forward.
- Overall, these charting signals might indicate that share prices could continue to fall further, and these indicators can be viewed on a wide variety of charting timeframes.
Shopify Inc. (SHOP) is trading under heavy selling pressure now that the e-commerce giant has released its latest earnings results. For the first-quarter period, Shopify reported adjusted per-share earnings of $0.20 (beating analyst expectations calling for $0.17 per share) and revenues of $1.86 billion (indicating a slight beat relative to the $1.85 billion in revenues marking consensus estimates). However, recent selling pressures have forced SHOP share values downward through important support levels that can be viewed on a wide range of charting timeframes....
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Shopify: Falling Hard, Look Out Below (Technical Analysis)