Shopify stock forecast short-term signals are influenced by

Shopify stock forecast short-term signals are influenced by Nasdaq tech sector momentum, which has risen 12% since the beginning of A newsletter built for market enthusiasts by market enthusiasts. Top stories, top movers, and trade ideas delivered to your inbox every weekday before and after the market closes. Shopify (SHOP) continued to decline in its latest intraday trading, as the stock searched for a rising bottom to serve as a base for regaining positive momentum. Its recent drop brought it to rest on the support of the 50-day SMA, coinciding with a test of a short-term ascending trendline, strengthening the importance of this area as support. Additionally, RSI indicators have reached extremely oversold levels compared to price movement, further supporting the possibility of a rebound. Current Shopify stock forecast models incorporate macroeconomic factors, including consumer spending resilience. Analysts expect EPS to grow by 18% in FY2024, pushing potential valuation multiples higher.