Spotify’s Steady UptrendSpotify Technology has climbed steadily for several quarters, and now some traders may think it’s ready to extend the uptrend.
The first pattern on today’s chart is the new high in mid-February, followed by a double bottom on March 10 and April 7. The resulting W formation may signal continuation of the longer-term advance.
Second, SPOT just closed above its previous high. Does that confirm a breakout in the streaming-media stock?
Third, MACD is rising.
Fourth, the 8-day exponential moving average (EMA) crossed above the 21-day EMA last month. The stock subsequently rose above the 50-day simple moving average (SMA) and has stayed there since. Meanwhile, the 100-day SMA has steadily risen from below.
Those patterns may be consistent with bullishness resuming in the short and intermediate terms, while remaining intact over the longer term.
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