Shopify Stock Could Rally Off Ample Support

Shopify Inc (NASDAQ:SHOP) stock has pulled back from multi-year highs to potential support at the 30-day moving average, which previously acted as resistance in February and March before stepping in as a floor in May. The $139.68 level, which coincides with double the equity’s April lows and is roughly 10% below its post-earnings peak, has also been supportive over the past week. Meanwhile, $137.70 represents an 8,000% return on the security’s initial public offering (IPO) price, which is the post for a 10- ...