Shopify Inc. (SHOP.TO)

From a technical perspective, the stock is bordering on oversold territory. In addition to this, it is actually bordering on its 200 day moving average.

If you're looking to buy the company for the long term I tend to not think about these things much and just pull the trigger. However, there are a couple technical points here that would make me a bit hesitant to pull the trigger right at this moment.

If you're a stickler for entry points, I would certainly wait and see if it holds up along its 200 day moving average or breaks below it. If it does, you could get prices in the $50's again. Obviously, technical indicators are never 100% accurate. But, for short term entry points I find them quite useful.

From a fundamental perspective, a higher for longer mentality in terms of interest rates also could put pressure on Shopify, as it does rely on businesses and the consumer in general to drive sales.