SHOP) and is the PreMarket Prep Stock Of The Day.
From that low, it began to rapidly appreciate ending 2016 at $42.87, 2017 at $101 and 2018 at $138.45. The momentum started to kick in 2019, rallying to end the year $397.59. It has gone parabolic this year after bottoming in March at $305.20, nearly tripling off that low when it peaked earlier this month at $1,146.91.
In the three days following, the issue descended to $896.48 and revisited that low on Sept. 11, when it reached $897.50. Its lowest close for the decline was on Friday ($914.50).
After a flat open, it surpassed Friday’s ($946) and Monday’s highs ($946.88), but came up well shy of the recovery high ($975), only reaching $953 and has reversed course falling into the upper $930 handle.
Bulls in the issue want to see the rally exceed and close above the rebound high and close back in four digits. Also, those investors don’t want to see a breach of the double bottom just under $900, as that could signal further declines in the issue.
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