Canadian company Shopify continues its bullish rally
If during the month of February we commented on the positive results of Shopify during the past year, thanks to the boost that e-commerce has experienced due to the Covid-19 pandemic, in recent sessions we have been able to observe how this company is making a strong bullish rally that has led it to mark new all-time highs.
So far this year, this company is revaluing by 32.07%, also obtaining positive results during the first quarter of the year that led it to obtain a strong earnings per share of $2.01 per share compared to the $0.74 expected by the market consensus. In these results presented last April, we also observed that revenues exceeded expectations to reach $988.65 million.
As we can see in the daily chart, since the beginning of the pandemic, this company has experienced a strong revaluation in the financial markets from $300 to over $1,550 per share.
In addition to the positive results, during the last few sessions, we have witnessed the company’s announcement that its mobile payment technology will arrive on Facebook, Instagram and Google later this year, even if customers do not use the Shopify online store.
If we look at the same chart as before but expanded, we can see that after breaking the downtrend line higher on June 14 in discontinuous red, the price has experienced a strong rally that has led it to mark new all-time highs.
Currently, the price is in a correction that has led it to bounce off the 23.6% fibonacci retracement level, trading at levels of its previous all-time high. If the price manages to maintain these levels we may see a new upward momentum that can mark new all-time highs.
On the contrary, we can overbought its stochastic indicator so we cannot rule out further correction given that it is currently trading far away from its main support level at its average of 18 blank sessions.
Evolution in the last 5 years:
- 2020: 184,71%
- 2019: 187,17%
- 2018: 37,08%
- 2017: 135,60%
- 2016: 66,16%
With the Admiral Markets Trade.MT5 account, you can trade Contracts for Differences (CFDs) of Shopify and more than 3000 stocks! CFDs allow traders to try to profit from the bull and bear markets, as well as the use of leverage. Click on the following banner to open an account today:
INFORMATION ABOUT ANALYTICAL MATERIALS:
The given data provides additional information regarding all analysis, estimates, prognosis, forecasts, market reviews, weekly outlooks or other similar assessments or information (hereinafter “Analysis”) published on the websites of Admiral Markets investment firms operating under the Admiral Markets trademark (hereinafter “Admiral Markets”) Before making any investment decisions please pay close attention to the following:
- This is a marketing communication. The content is published for informative purposes only and is in no way to be construed as investment advice or recommendation. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.
- Any investment decision is made by each client alone whereas Admiral Markets shall not be responsible for any loss or damage arising from any such decision, whether or not based on the content.
- With view to protecting the interests of our clients and the objectivity of the Analysis, Admiral Markets has established relevant internal procedures for prevention and management of conflicts of interest.
- The Analysis is prepared by an independent analyst, Roberto Rojas (analyst), (hereinafter “Author”) based on their personal estimations.
- Whilst every reasonable effort is taken to ensure that all sources of the content are reliable and that all information is presented, as much as possible, in an understandable, timely, precise and complete manner, Admiral Markets does not guarantee the accuracy or completeness of any information contained within the Analysis.
- Any kind of past or modeled performance of financial instruments indicated within the content should not be construed as an express or implied promise, guarantee or implication by Admiral Markets for any future performance. The value of the financial instrument may both increase and decrease and the preservation of the asset value is not guaranteed.
- Leveraged products (including contracts for difference) are speculative in nature and may result in losses or profit. Before you start trading, please ensure that you fully understand the risks involved.
