Shares of Shopify (SHOP) have soared in recent weeks. We last reviewed the charts on June 7 when the shares were at $1.200. We concluded our review with this recommendation: "The charts of SHOP are pointing higher. Go long on strength above $1,290 risking to $1,150."
Now SHOP is trading around $1,475, so another review is in order.
In the updated daily bar chart of SHOP, below, we can see that prices are challenging the February highs. SHOP is in an uptrend above the rising 50-day moving average line and the rising 200-day moving average line.
Trading volume has expanded this month on the rise and the On-Balance-Volume (OBV) line has been rising from March and now stands at a new high for the move up. The OBV line can be a coincident indicator and it can be a leading indicator. The new high in the OBV line could be foreshadowing new all-time price highs for SHOP.
The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line.