SHOP and WIX Technical Outlook Video
This week we will be looking at two website hosting companies, SHOP and WIX as we cover the e-commerce store front this week. It’s amazing to me just how many website hosting and ecommerce solutions are out there. There are literally thousands out there and everyone of them offers something a little different. We will be looking at swing trade possibilities for these markets.
this market has been in a very nice uptrend. Price has more than tripled this year. Yesterday, We saw price put in the largest big red candle that we have seen. Even though this red candle has formed it doesn’t mean that the sky is falling and in my mind this is a nice little pullback. I would actually like to see price move down a little bit more down to the daily demand zone at 93.06 down to 88.25 as price. This demand zone would be a great area for a buy in the direction of the trend. Overall, this market is in an uptrend and I don’t think this pullback will change that long term.
price has bounced off daily supply and is now right in the middle of supply and demand. We can see supply starting at $72.80 up to $78 and demand at 66.58 down to $63.40. The Trend is down on this market. As we look at price this week, I think that it will continue to move down to demand than try one more push up possibly touching supply one last time before running with trend. However, if price can break the current daily demand zone in one go because it is weak. Then I think it could continue down for the foreseeable future. Overall, I’m bearing on this market and thing that we will see price move down this coming week.
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