We've seen a beautiful rally with Spotify recently confirming that the bulls want to push higher. RSI is overbought on the hourly time frame so I'm expecting a bit of a correction. From there we will anticipate a breakout to confirm the Cup&Handle Pattern. Volume curve is supportive of this pattern.
Targets from this pattern reach 216, with profit taking along the way. Safest way to approach this trade would to wait for a pullback and buy around the 190 mark, making sure to set a tight stop loss below the key support area. If not you can wait to see if the handle will form and go long on the breakout.
** This is not financial advise and purely educational**
Targets from this pattern reach 216, with profit taking along the way. Safest way to approach this trade would to wait for a pullback and buy around the 190 mark, making sure to set a tight stop loss below the key support area. If not you can wait to see if the handle will form and go long on the breakout.
** This is not financial advise and purely educational**
Trade active:
Entered a small position around 190
Comment:
Looks more like a Bull Flag at the moment, so let's see if we can breakout this week.
Comment:
So I was a bit premature when calling the Cup&Handle (it's best to wait for these patterns to form before calling them). But the Bull flag is easier to see, and it still gives us similar upside targets. I've moved the key support line down as you can see it's importance from previous high's In June. As long as we stay above this level, I will remain bullish for Spotify.
So I was a bit premature when calling the Cup&Handle (it's best to wait for these patterns to form before calling them). But the Bull flag is easier to see, and it still gives us similar upside targets. I've moved the key support line down as you can see it's importance from previous high's In June. As long as we stay above this level, I will remain bullish for Spotify.