Shopify Inc. (SHOP) stock price recorded a slight rise in its latest intraday trading, following the stabilization of the key support level at $134.75, which had been our price target in previous analyses. This provided the stock with some positive momentum as it attempts to recoup part of its previous losses, while also trying to unwind part of its clear oversold conditions on the RSI, especially with the beginning of a positive crossover. However, the stock remains affected by previously breaking below a main short-term upward trend line, alongside continued negative pressure from trading below its SMA50.

Therefore we expect the stock price to decline in upcoming trading, especially if it breaks below the $134.75 support level, to target the next support at $116.00.

Todays price forecast: Bearish