Looks like SHOP's uptrend line held and we're resuming climb but it won't be clear until 91 level closes/holds as support. If we close < 91, I'm guessing we'll retest the uptrend line again where it intersects around 87.4 support. If we close > 91 (and then open and close > 91 tmrw), I think it'll keep going to test the 94 resistance level and perhaps establish 91 as more solid support. I'd still recommend selling puts for entry here to reduce cost/risk - esp. with earnings approaching, but since I'm holding SHOP long, I'd say enter at least a portion of your desired holding before Aug. 2 ER since recent downgrades offer more room for positive surprise. Beginner charting, thoughts always welcome!
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Looking good, closed above 91 yesterday, then opened today above 91 so looking for close > 91 to confirm that level as support. If so, on to 94...anyone buying here should sell the Jul 21 90 puts for ~1.75 now...that's $180/contract pocketed or shares assigned @ 88.25 in less than 10 days. I have limit open for July 85 puts and will sell the 90s if/when we get a dip/rejection off the 94 level...
Will look to sell more puts tomorrow near 87 retest...either way, at least it held/recovered uptrend technicals:)