Resistance

Billion

<ul class="list-ic vertical">
 <li><span>1</span> <a>Shopify stock price struggles to break above 200-day EMA.</a></li>
 <li><span>2</span> <a>Shopify share (NYSE: SHOP) price shows a consolidation of over 20 days near the round level of $50.&nbsp;&nbsp;</a></li>
 <li><span>3</span> <a>The Shopify company is yet to announce its quarterly results on Thursday, 26th October.&nbsp;</a></li>
</ul>
<p>Shopify Inc. stock price has prevailed in a sideways trend for the last two quarters. The SHOP stock price has been hovering in a range-bound zone for the last two quarters. The bulls seem to be dominating near the $50 round level and the bears are dominating near the $70 level.&nbsp;</p>
<p>The technical indicators imply that the stock price trades below the 50-day EMA; indicating bearish dominance in the short term. The daily chart also shows that currently, the price struggles to sustain near the 200-day EMA.&nbsp;</p>
<p>Recently, the Shopify stock price fell from the upper boundary of the range due to the short buildup at the upper levels. Currently, the price shows a consolidation of over two weeks near the recent support. The breakout of consolidation may again take the price to upper supply levels.<br><br>Moreover, Shopify Inc. is yet to announce quarterly results on Thursday, 26th October 2023. The Wall Street analysts are estimating the company to deliver a revenue of $1.669 Billion and an earnings of $0.147 Billion.&nbsp;</p>
<p>The pre-results sentiments are not optimistic, hence, the results might affect the price trend. A good quarterly result will surely be welcomed by the investors and the stock price might experience a surge to the upper supply levels.&nbsp;</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" loading="lazy" width="1448" height="766" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-397.png" alt="Earnings Ahead: Can Shopify Stock Price Skip Consolidation?" class="wp-image-175490">
  <figcaption class="wp-element-caption">
   Source: barchart.com
  </figcaption>
 </figure>
</div>
<p><a href="https://www.thecoinrepublic.com/2023/09/09/shop-stock-will-shopify-inc-take-a-u-turn-after-deal-with-amzn/" rel="noopener noreferrer nofollow">Shopify stock</a> derivatives data analysis states that the current implied volatility in the market is 59.78% with an increment of 0.39% in the last trading session. The at-the-money strike price has 1,625 open contracts on the PUT side and 1,024 open contracts on the CALL side indicating the dominance of bulls at the CMP.&nbsp;&nbsp;</p>
<h2 class="wp-block-heading" id="strong-shopify-stock-price-forecast-for-2023-strong"><strong>Shopify Stock Price Forecast For 2023</strong></h2>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" loading="lazy" width="1051" height="737" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-396.png" alt="Earnings Ahead: Can Shopify Stock Price Skip Consolidation?" class="wp-image-175489" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-396.png 1051w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-396-300x210.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-396-1024x718.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-396-768x539.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-396-750x526.png 750w" sizes="(max-width: 1051px) 100vw, 1051px">
  <figcaption class="wp-element-caption">
   Source: SHOP 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a>
  </figcaption>
 </figure>
</div>
<p>The average analyst price target for Shopify stock in 2023 is $67.51, which represents a potential upside of 26.58% from the current price. However, there is a wide range of analyst price targets from $52 to $80.</p>
<p>The most optimistic analysts believe that Shopify stock could reach $80 in 2023 if the online shopping and business industry grows strongly and Shopify is able to successfully launch new products.</p>
<h3 class="wp-block-heading" id="strong-technical-indicators-signal-weakness-in-short-term-strong"><strong>Technical Indicators Signal Weakness in Short-Term</strong></h3>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" loading="lazy" width="1600" height="747" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-397.png" alt="Earnings Ahead: Can Shopify Stock Price Skip Consolidation?" class="wp-image-175491" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-397.png 1600w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-397-300x140.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-397-1024x478.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-397-768x359.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-397-1536x717.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-397-750x350.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-397-1140x532.png 1140w" sizes="(max-width: 1600px) 100vw, 1600px">
  <figcaption class="wp-element-caption">
   Source: SHOP 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a>
  </figcaption>
 </figure>
</div>
<p>The overall technical indicators including RSI and MACD opinion rating for the <a href="https://www.thecoinrepublic.com/2023/09/09/shop-stock-will-shopify-inc-take-a-u-turn-after-deal-with-amzn/" target="_blank" rel="noopener noreferrer nofollow">SHOP stock</a> is a 32% “sell” with a strengthening short-term outlook on maintaining the current trend.&nbsp;&nbsp;</p>
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4>
<p>Shopify stock price has been stuck in a range between $50 and $70 for the last two quarters. The technical indicators show bearish signs in the short term. The price is consolidating near the recent support and may break out to the upper levels. Shopify will announce its quarterly results on October 26, 2023.&nbsp;</p>
<p>The analysts expect a revenue of $1.669 Billion and an earnings of $0.147 Billion. The average analyst price target for 2023 is $67.51, with a high of $80. The results may affect the price trend.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<ul>
 <li><strong>Support Levels:</strong> $50.85 and $47.84</li>
 <li><strong>Resistance Levels:</strong> $55.56 and $62.50</li>
</ul>
<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>

Earnings Ahead: Can Shopify Stock Price Skip Consolidation?

Table of Contents

Thecoinrepublic.com

Other articles published on Oct 13, 2023

LOOM surges over 55% in a week, analyst suggests manipulation

Today in Crypto: Swarm Launches EU-compliant KYC Solution for Tokenized Securities, CoinList Reve...

CTFC Sues Former CEO of Voyager Digital for Multiple Fraud Charges

Ethereum Price Prediction as ETH Experiences a 5% Weekly Decline – Is the Bearish Trend Set to Co...

September surprise: U.S. inflation skyrockets

Audius (AUDIO) Price Prediction 2024, 2025, 2030, 2040, and 2050

Join our free newsletter for daily crypto updates!