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SPOTIFY TECHNOLOGY SASPOTIFY TECHNOLOGY SASPOTIFY TECHNOLOGY SA

SPOTIFY TECHNOLOGY SA

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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
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