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Classic Bullish Flag Pattern. Wait for pullback to finish

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Greetings,

I'm bullish on SHOP based on the bullish flag pattern forming on the daily chart. In the short term, however, SHOP is bearish while it completes it's pullback.

Daily (Bullish)

1. In interpret the decline in volume and price as a bullish pullback (bullish).
2. MACD crossover (bearish).
3. SHOP is between monthly and quarterly EMA (buy signal).
4. SHOP is below mean average of $1190 (buy signal).
5. Double Bottom Pattern formed

Weekly (Bearish)

1. Bearish Engulfing Candle
2. Volume and Momentum Declining
3. Weekly Pivot is $907
4. 23.6 FIBO at $1056.50 may offer strong support, since it coincides with the quarterly EMA.

Happy Trading!

Disclaimer. My ideas are for informational purposes only. My ideas do not constitute solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments. You should not construe any such information or other comments as legal, tax, investment, financial, or other advice. There are risks associated with investing in securities. Investing in stocks, bonds, exchange traded funds, mutual funds, options and money market funds involve risk of loss. Loss of principal is possible. Please exercise your own due diligence.

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