In this daily bar chart of SHOP, below, we can see that prices have tripled since late December - from $120 to $360. Amazing! SHOP has been above the rising 50-day moving average line the entire time and dips towards the average line have been buying opportunities.
The slower-to-react 200-day moving average line is well below the price action just above $220. You could say SHOP was extended versus the 200-day average.
The On-Balance-Volume (OBV) line shows a rising pattern the past 10 months and helps to confirm the price strength.
The Moving Average Convergence Divergence (MACD) oscillator is in a bullish mode above the zero line.
In this weekly bar chart of SHOP, below, we can see a bullish alignment of the indicator. Prices are above the rising 40-week moving average line. Maybe too far above.
The weekly OBV line is positive and the MACD oscillator is strongly bullish.
In this Point and Figure chart of SHOP, below, we do not have signs of distribution and we have a potential upside price target of around $422.
Bottom line strategy: SHOP has been in a strong uptrend for a while now. With no signs of distribution traders could go long SHOP or add to longs in SHOP at current levels. Risk to $310 for now, looking for the $420 area as the next price target.