As we see rotation into growth equities we can look at $SHOP below in a GoNoGo Chart.
We saw a long basing pattern as price consolidated at the end of a “NoGo”. As price stabilized we saw bullish divergence with the GoNoGo Oscillator making higher lows. As GoNoGo Trend started to fail to hold “NoGo” bars, GoNoGo Oscillator burst into positive territory and has since found support above zero. Price is now in a “Go” trend and is above the upper bound of the channel it was in. A measured move target from this breakout lands around $50.
