$SPOT looking to breakout againIt has had a huge move post breaking the $293 resistance area. Now after consolidating for 2 days, it looks set to break out above $342 area to target $360 - $365 in coming days.by tusheet0
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.by The_Level_Two224
Broke Up from RectangleRectangles are like S triangles and are often a continuation pattern.. This one broke upside, sometimes they can be drawn back in to the rectangle though..this one looks to have momnetum on it's side.. The top trendline of the rectangle which was R now becomes support.. MR- Mid Rectangle.. Not a recommendationLongby lauralea3
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%. Longby ThinkingAntsOk7752
US Stock In Play: $SPOT (Spotify Technology S.A)$SPOT have broken out of a five month ascending triangle (consolidated) pattern, rallying to an all time high untracked prize zone. This breakout is accompanied with substantial volume exceeding 300% of its 50 days average. At the current closing price of $320.89, $SPOT is slated to sustain this rally towards $380 (Fibonacci Projection), a modest +18% away from today.by jfsrevg1
SPOT Potential Short PlayNYSE:SPOT Wait for confirmation 12/3 or 12/4 for a bearish or bullish behavior before making a decision. Anticipating a slight price rejection at an all-time high of $330 Shortby xkouki0
BREAKOUT CUP WITH HANDLE AND HIGH VOLUM BUY SPOT ABOUT 327$Spotify launches '2020 Wrapped' with new features including quizzes, badges and, yes, stories 1% CAPITALLongby Benji-131
SPOT sporting a nice lookSPOT looks poised to breakout soon. This will be the 4th time testing 300. A break above could lead to a nice upside move.Longby WadeYendallUpdated 229
SPOT is about to run. PT 380The bull flag on the daily and weekly indicates a bit of consolidation. The break is on the way. For my Target of 380, I used the length of the pole. This should be a 1 month out swing. Let's see how it goes!Longby rjpace6
looks like a possible head and shoulders breakoutSPOT looks to have formed a head and shoulders. Could see a breakout. Longby dvandy320
Spotify - Daily ChartTechnical analysis of Spotify on daily chart. All explanations are done on the chart. --- Disclaimer: All content provided here is for informational and educational purposes only and should not be construed as professional financial advice. Should you need such advice, consult a licensed financial or tax advisor. No guarantee is given regarding the accuracy of my technical analysis and any information here. Legal Disclosure: I’m not a financial advisor. The information contained here is for entertainment purposes only. Before investing, please consult a licensed professional. Any stock analysis provided here should not be considered “investment recommendations”. I shall not be held liable for any losses you may incur for investing and trading in the stock market in attempt to mirror what I do. Unless investments are FDIC insured, they may decline in value and/or disappear entirely. Please be careful!Longby AktieAI1
SPOT over $274.20Large symmetrical triangle forming, continuation of the current price action can break out.Longby SpinTrades0
testing resistance for fourth time's the charm?the sun will shine and we will try again, am i right?by trayderswift0