Shopify Inc. (SHOP) stock price recorded a decline in its latest intraday trading, reaching support at $116.00, which had been a previously identified price target in our earlier analysis. This comes amid the dominance of a short-term corrective bearish trend, with price moving alongside a trendline supporting this path, while negative pressure persists as the stock trades below its 50-day SMA. In addition, negative signals continue to emerge from the Stochastic indicator.

Therefore we expect the stock price to decline during its upcoming trading sessions, especially if it breaks below the aforementioned support at $116.00, targeting the next support level at $105.00.

Todays price forecast: Bearish