$SPOT Spotify Possible Weekly Bull Flag
Long-legged doji reversal candle last week. This week currently green.
Will be monitoring for a weekly close above ~$262 area for confirmation of bull flag breakout.
Medium term target: $340-$360 range possible by late Oct
Note: Not investment advice.
Spotify has come into its own as a new-media disruptor in recent months. It broke out to new highs in May after signing Joe Rogan. Other luminaries like Kim Kardashian and Michelle Obama have followed.
SPOT muscled up to $299.67 on July 22 but then pulled back. Its last earnings report wasn’t terrific, but the real story on this name is its widening program list...
Spotify is breaking out of a descending wedge today. The stock price is also showing good relative strength on a weak day in the market for most growth names. Low risk setup with a stop at the low ~$246 (3.5%).
Theres a lot to like about this stock with their push towards podcast aqusitions... But not at these prices.
Looks like some distribution up here. Cant hold above Monthly VWAP and breaking below pivot range for August with poor price structure on volume profile into 200.
I'm interested in getting some stock and selling some premium if we can get the gap...
Week of 7/27 is full of E/R that will surely swing the market. Even though we had some bearish macro indicators emerge during the week of 7/20, I'm expecting speculators to continue to bet on tech this week. Being said, I have prepared a rough draft of my trade plan for $SPOT this week. Would love some feedback in agreement or disagreement.
Clean rising wedge and constantly pushing new ATHs, may continue the upward surge. RSI reaching high numbers and close to convergence on MACD and signal lines. Watch closely for upward or downward move.
