Today's pullback in technology stocks was brutal. At the open, most all technology related stocks were down significantly.
Specifically, I saw that Shopify (SHOP) was down a great deal, following two previous days of selling pressure. Based on the chart below, I opened a position in the stock.
My reasons for buying were:
- 3 days of selling pressure
- Big reversal off the lows of the day
- Large amount of volume the last 3 trading sessions
What do you think about Shopify at these levels? Do you buy any? If not, will you?