SHOP (Shopify) has dropped 70% since November 2021.
Yes we can drop more. However I like the risk reward ratio here as the price is now sitting on a trend line (in green) connecting the lows of Nov 2019, March 2020 and March 2022.
The weekly RSI is slightly oversold and we're starting to see a bullish divergence.
Bonds are bouncing already, which could support a bounce in growth stocks.
I'm a buyer at this level for a possible bounce to 640. I can cut my position quickly and without too much damage if I'm wrong.
If we drop more, the next levels are between 437 and 413...