Shopifys stock price (SHOP) rose in the intraday levels with positive signals from the RSI, amid the dominance of the downward correctional trend in the short term, with negative pressure from the 50-day SMA, while the stock tries to recoup some recent losses.

Therefore we expect the stock to return lower, targeting the first support at $51.20, provided the resistance of $64.20 holds on.

Trend forecast: Likely Bearish