This Stock Ran 17% On Wednesday, But I'm Still Buying

Shopify (SHOP) beat earnings on Wednesday and the stock ran 17%.

The quarter was strong on its own. Revenue up 34% to $3.58 billion against $3.45 billion expected, GMV up 32% for a fifth straight quarter above 30%, and free cash flow margins at 18%.

But guidance is what did it. They told the street to expect low-30s revenue growth in Q3 when analysts were modeling 26.3%.

That makes this an earnings winner, and earnings winners drift. The 30-minute chart has a perfect TPS pattern sitting inside that bigger picture, and it just needs a bullish momentum shift to become an A+ setup.

The target is the cleanest part. There's an unfilled gap overhead at $155.81, so I don't have to guess where I'm getting out.