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Thursday, July 22, 2021 11:00:29 AM
Bull Notes Boost Shopify (SHOP) to Record High
By: Schaeffer's Investment Research, | July 22, 2021
• No fewer than three analysts lifted their price targets
• Shopify calls are running at double the average intraday clip
The shares of Shopify Inc (NYSE:SHOP) are up 1.7% to trade at $1,595.94 at last check, after a slew of bull notes this morning. No fewer than three analysts raised their price targets on SHOP, including Susquehanna to $1,800 from $1,500. Today's pop has Shopify stock hitting a fresh record high of $1,602.57 out of the gate.
SHOP is now up 67% year-over-year and 41% in 2021. However, all of this positive price action has sent Shopify stock's Relative Strength Index (RSI) of 69, which is firmly entrenched in "overbought" territory. This implies the equity could be due for a short-term breather in the next few months.
Over in the options pits, sentiment is more bullish than usual. This is per SHOP's 50-day call/put volume ratio of 1.70 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than 81% of readings from the past year. This shows long calls being picked up at a relatively faster-than-usual rate in the last 10 weeks.
Options bulls are targeting SHOP today as well, with calls running at double their intraday average. So far, 17,000 calls and 5,402 puts have crossed the tape, with the weekly 7/23 1,600-strike call seeing the most activity, followed by the 1,650-strike call in the same session, with new positions being opened at both. This means plenty of options traders are betting on more upside for the security by the end of this week.
Read Full Story »»»
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By: Schaeffer's Investment Research, | July 22, 2021
• No fewer than three analysts lifted their price targets
• Shopify calls are running at double the average intraday clip
The shares of Shopify Inc (NYSE:SHOP) are up 1.7% to trade at $1,595.94 at last check, after a slew of bull notes this morning. No fewer than three analysts raised their price targets on SHOP, including Susquehanna to $1,800 from $1,500. Today's pop has Shopify stock hitting a fresh record high of $1,602.57 out of the gate.
SHOP is now up 67% year-over-year and 41% in 2021. However, all of this positive price action has sent Shopify stock's Relative Strength Index (RSI) of 69, which is firmly entrenched in "overbought" territory. This implies the equity could be due for a short-term breather in the next few months.
Over in the options pits, sentiment is more bullish than usual. This is per SHOP's 50-day call/put volume ratio of 1.70 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than 81% of readings from the past year. This shows long calls being picked up at a relatively faster-than-usual rate in the last 10 weeks.
Options bulls are targeting SHOP today as well, with calls running at double their intraday average. So far, 17,000 calls and 5,402 puts have crossed the tape, with the weekly 7/23 1,600-strike call seeing the most activity, followed by the 1,650-strike call in the same session, with new positions being opened at both. This means plenty of options traders are betting on more upside for the security by the end of this week.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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