Has that buying opportunity arrived? Let's check the latest charts in light of a major sell side firm resuming its coverage of the company with a hold rating with a $450 price target.
In this daily bar chart of SHOP, below, we can see that prices have been holding the $300 area in recent weeks. Prices are close to a test and maybe a close above the declining 50-day moving average line. The slope of the 200-day moving average line is negative but it intersects around $975 so SHOP would be considered extended (oversold) below this indicator.