Rally

Prime

Resistance

Daily

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Shopify stock price gained 8% this week ahead of positive news.&nbsp;</a> </li> 
 <li> <span>2</span> <a>The Analysts offering a 1-year price forecast for Shopify Inc. have a max estimate of $80 and a min estimate of $52.</a> </li> 
 <li> <span>3</span> <a>Amazon launches “buy with prime” app Integration for Shopify.&nbsp;</a> </li> 
</ul> 
<p>Shopify (SHOP, +2.06%) stock gained 4% after hours as Amazon (AMZN, +0.12%) announced a new app that lets Shopify merchants offer prime benefits to their customers. The Buy with Prime app integrates Amazon’s fulfillment network with Shopify’s platform, enabling fast delivery and easy returns for shoppers. This collaboration enhances the value proposition of both companies and creates a seamless shopping experience.</p> 
<p>Shopify Inc.’s (Shopify stock) price has been on an inclining trend with a yield of 68.14% year-to-date and adding 45% to the portfolio of investors in the last 6 months. The Analysts are bullish offering a 1-year price forecast for Shopify Inc. have a max estimate of $80 and a min estimate of $52.</p> 
<p>Recently, the stock price showed bearishness after hitting a high of $71.43 ahead of the recent quarterly results declared on 2nd August 2023. The results topped Wall Street’s expectations with the earnings beating the estimates by 117%. However, the investors used it to book their profits and the stock declined to its recent support breaking below the key moving average 50 EMA.&nbsp;</p> 
<p>Shopify’s stock price was at $60.01 and has gained 2.06% of its market capitalization during Wednesday’s trading session. The Company is recovering the post-earning effect losses.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh6.googleusercontent.com/dH6vwfoK_wbrq-CwQWuqjMiTKPZnkZ_D3t3tmRq-qhl4x6-LF8qI5tNqVefO7-OIGCtXbEoLCYlzeT3cCkxRVONALFzRRa3utUd7bGLZgdtbw5bOuqLPpOcxiJfrDm0OYUuivP2EeEDVXXonbARb5lc" alt="Shopify Stock Shows 8% Gains, Amid Collaboration With Amazon?"> 
  <figcaption class="wp-element-caption">
    Source: Barchart.com 
  </figcaption> 
 </figure> 
</div> 
<p>Shopify stock option-chain analysis states that the current implied volatility in the market is 41.14% with a decrement of 1.56% in the last trading session. The nearest support strike price of $55 has 2357 open contracts on the put side and 921 open contracts on the call side indicating the support zone is totally in the control of buyers.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-shop-stock-price-bounces-from-the-support-will-the-rally-continue-strong"><strong>SHOP Stock Price Bounces From The Support, Will The Rally Continue?</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh3.googleusercontent.com/9SECRFaFGEhyxFIgbWKO-d83-21QT4A_DNxaAKGvA3DWCErirK6yDEMecOocHqoEeu_FatdU1u1hQ79OoXW30nXopZ-WIbwxJB5sB2UX7V-NnKnDlNbLCQf7w9Dz83sTcZ6i41JNxp2sZT_PGlP44Qg" alt="Shopify Stock Shows 8% Gains, Amid Collaboration With Amazon?"> 
  <figcaption class="wp-element-caption">
    Source: SHOP&nbsp; 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>The Shopify stock price currently trades at $60.01 and took a rebound from the support after collaboration with Amazon. The analysts say that the price has aligned its short-term trend with the long-term trend to continue its rise further. Also, the news hovers are positive which may further boost the sentiments of the Investors.</p> 
<p>Now, the major support to the downside is $50 the breakdown of which may turn the short-term trend negative and a sharp decline might be seen below the level.&nbsp;</p> 
<h3 class="wp-block-heading" id="strong-the-daily-chart-shows-that-the-price-took-support-from-200-ema-strong"><strong>The Daily Chart Shows That The Price Took Support From 200 EMA</strong></h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh5.googleusercontent.com/GDQeUPJFlM_PzFvbJ9tUERT6K7EyWU0iYxzIsDoXdySweUNewZwYIrYHWKgK6Ve0vvusmzVqHwqjEqhIs-f8DANT5aBiT0KmxPAfCRsQX_GYrsgEhoFJu-KDjgD3KLibx_rBHLs2vP4Vck3k2d_4Sjk" alt="Shopify Stock Shows 8% Gains, Amid Collaboration With Amazon?"> 
  <figcaption class="wp-element-caption">
    Source: SHOP&nbsp; 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>The daily <a href="https://www.thecoinrepublic.com/2023/08/05/shopify-stock-price-prediction-can-shop-stock-fall-below-50/" rel="noopener noreferrer nofollow">SHOP stock price</a> chart shows that the price is trading above 200 EMA indicating the domination of buyers in the long term.&nbsp;</p> 
<p>The overall Technical Opinion rating including RSI and MACD is signaling a 40% buy with a weakening short-term outlook on maintaining the current direction.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>Shopify stock rose 4% after Amazon launched a new app that allows Shopify sellers to offer Prime perks to their buyers. The app connects Amazon’s delivery and return services with Shopify’s platform, creating a better shopping experience. Shopify reported strong quarterly results that beat expectations, but the stock declined due to profit booking. The stock price rebounded from the support level of $50 and is now aligned with the long-term uptrend. Analysts are bullish on Shopify and expect it to reach $80 in a year.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<p><strong>Support levels:</strong> $54.55 and $50.45.</p> 
<p><strong>Resistance levels:</strong> $67.62 and $71.43.</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.&nbsp;</p>

Shopify Stock Shows 8% Gains, Amid Collaboration With Amazon?

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Thecoinrepublic.com

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