 Welcome traders to another Tick-Mill earnings report preview with me, Patrick Munley. Before we jump into today's report, as always I want to adhere to the risk disclaimer. The material provided is for information purposes only and should not be considered as investment advice. Views, information or opinions expressed in this recording are solely mine and are not indicative or representative of those held by Tick-Mill UK or Tick-Mill Europe. Okay, let's jump into today's report. We're looking at Shopify. Shopify announced earnings before the New York Bell today. We're looking at a consensus earnings per share of a dollar on revenue of 1.25 billion. Shopify, the e-commerce software firm traded north of $1,600 around the time of the Nasdaq Consets peak back in November. Here's about how the Federal Reserve will tackle inflation and weakening e-commerce trends have weighed on Shopify's shares. Current consensus is pointing to lower market multiples and e-commerce spending uncertainty in the near future. Near-term pressures like inflation, supply chain disruptions and other macroeconomic concerns reflect structural weakness in Shopify's performance. The company's earnings and sales have been decelerating in recent quarters, which has not bode well for this earnings report. Furthermore, the company is expected to earn $2.62 a share in 2022, which would be 59% below the $6.41 a share it earned in 2021. Consensus EPS estimates for the quarter have been revised lower by 9.58% over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and their other contributing editors were looking at the consensus had predicted earlier. Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So it's worth considering the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Shopify would post earnings of $1.33 per share when it actually produced earnings of $1.36, bearing an upside surprise of 2.26% over the last four quarters the company has beaten consensus EPS estimates three times. Let's take a look at some of the statistical trading patterns now around the earnings release for Shopify. Shares have moved higher in the immediate aftermath of earnings, seven hours at the 12 previous reports. On average, the stock moved up 2.2% in the first day of trading after the company reported earnings. Based on the previous 12 earnings releases, it's more likely that the stock will trade lower one day after earnings for an average loss of 2.1%. The share price has tended to drift lower by 35% post earnings announcements using the last 12 quarters of days. The average drift between the earnings announcement is 14.6%. The current drift represents a negative 1.2 standard deviation move from the options market in terms of cleaning the anticipated move post release. Options traders are pricing in a 15.1% move on earnings. Stock has averaged a 7.3% move in recent quarters. From a flow and sentiment perspective, there have been some notable buying of 1649 contracts of a $465 call and also 1625 contracts of the $465 put both contracts expiring on Friday, May 20th. Options order flow sentiment has been bullish in the stock. Investor sentiment going into the company's earnings release has 50% expecting an earnings beat. Consistence assessments for earnings to be earlier every year by 47.47% with revenue increasing 26.44%. Short interest has decreased by 83.7% since the company's last earnings release while the stock has drifted lower by 46.6% from its open following its last release. Now it trades 63.8% below its 200-day moving average at $1,177.88. Let's put up a chart here and see if we can identify any trading opportunities in the stock. You can see here we've been in a vicious downtrend and what I'm looking at here is if we can get a beat on consensus earnings, EPS, or revenue, then if we can take out the trend line resistance here on a closing basis. So I've been looking for any close through weekly projected range resistance at $534 to build a long position, ultimately looking for a move up to test prior swing highs $768. We also have the monthly projected range resistance coming at $760, so it's a decent upside to play for there. But if we have anticipated any misses here, I've been looking for a close through weekly projected range support and this descending trend line support, so something through $378. I've also been looking for a move down into the $250 which represents the lifetime trend line support here, also the yearly S3. From there again I'll be watching so you can get bullish reversal patterns to engage on the long side to play for a counter trend correction. As always traders, plan the trade, trade the plan and most importantly manage your risk. Until next time, thanks very much.