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Spotify Technology S.A.Spotify Technology S.A.Spotify Technology S.A.

Spotify Technology S.A.

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SPOT trade ideas

US Stock In Play: $SPOT (Spotify Technology S.A)The successful breakout of $SPOT that was previously highlighted (a five months consolidated range pattern), have seen Spotify rallied to an all time high establishment at $346.44 on 11th December 2020. This breakout is also accompanied with its ATR (14D) peaking at $15 per day average volatility, signifying substantial attention of $SPOT from the Wall Streets at the moment. This week, $SPOT have not been able to capitalize on the broad market rally, with an accumulated correction of -5% from its peak. The current immediate support to watch is at $312 this week.
NYSE:SPOTLong
by jfsrevg
Spotify (SPOT): A Technical Approach Using Elliott WavesIn this analysis, I'll be taking a purely technical approach in analyzing Spotify (SPOT), using Elliott wave counts. Analysis - We can see that overall, the stock is in a clear uptrend - It has completed wave 2 on the primary degree, and continues to rally through impulse waves - It formed an Elliott triple combo wave (WXYXZ) for the second primary wave, consolidating within a mild megaphone pattern - While it seems like the momentum has topped out for now, as we wait for the fourth wave on the minuette degree, we could expect a bounce near the ichimoku cloud support - We could anticipate the last impulse wave on the minuette degree ending near the 1.618 fibonacci retracement resistance, near $376 - This would also mark the completion of the first impulse wave on the intermediate degree For educational content regarding Elliott Impulse Wave counts, check out my previous post below: If you like this analysis, please make sure to like the post, and follow for more quality content! I would also appreciate it if you could leave a comment below with some original insight :)
NYSE:SPOTLong
by Michael_Wang_Official
2
Why multi-month patterns are more successful (SPOT)It is easy to get caught up in the idea of getting a bunch of small winners is the best way to grow an account. This is because of the rush you get when a win occurs. The more often it happens the better you feel. In reality, this works against the trader's odds because you have to win more often and have to be more accurate. What I want to focus on are the long term patterns. over the course of several months. These trades tend to net more profit and cause less stress for the investor because they take less maintenance and effort to trade. The win ratio can be smaller on these trades because the profit is larger. This chart of Spotify (SPOT) is a perfect example of a macro (long-term) multi-month chart patterns that paid out huge profits. This ticker has had a history of macro breakouts most recently a few days ago. The price really follows the moving averages well and consolidated under a clear price of 292. There are a few things you want to look for when trading macro patterns. 1. clear support and resistance lines. in this case, 292 is resistance, and 245 is support. These levels are easily marked and tracked. One could even buy at support for these trades and sell closer to resistance. 2. Volume is king. A low volume name is never going to leave its range. SPOT has tons of volume being a tech name that has huge popularity. I usually look for names that have one million in shares volume per day. 3. For a breakout to be confirmed it needs to attempt the resistance price AT LEAST 3 times. The third time is important because it's a psychological tipping point for most traders and algos. I like to refer to these as layers of probability. The more you have the more likely a trade is to work in your favor.
NYSE:SPOT
by The_Level_Two
2
Expecting a +30% Move on Spotify in the Short TermGood morning traders! Today we want to analyze Spotify, since in recent days much has been said about this stock and its movement in recent weeks has been remarkable. 🔸What we can observe is that from March to July of this year the price generated an astonishing rise of approximately 170%. 🔸Of course, after a strong move, a consolidation or correction of a similar magnitude is expected. 🔸So it was, the correction lasted approximately four months, and we can draw a flag pattern of this process. 🔸This week there was a clear and indisputable breakout to the upside, with a large bullish candle closing above all-time highs. So, how do we project the target of the movement in this case that the price is at historical highs? 🔸The tool we use is the fibonacci extensions based on the previous momentum. This projection gives us that the first target of the movement is approximately $351 and the second target $417, which would be, from the current level, a rise of 30%.
NYSE:SPOTLong
by ThinkingAntsOk
7