How to trade Spotify Technology Sa $SPOT With Risk Controls
Jan 24, 2021 (Stock Traders Daily via COMTEX) —
Price matters most to making money in the market. Celebrating 20 years, Stock Traders Daily provides the tools that help you develop investment strategies, and this is a good example. When we couple this with our market based analysis, the probabilities of going with the flow increases, and that is material over time.
The Spotify Technology Sa (NASDAQ: SPOT) report below can help you, but we have more details too. The trading plans for SPOT, and the other 1000+ stocks we follow, are updated in real time for subscribers, but this report is static. If you want an update, or a different report, please get one here Unlimited Real Time Reports.
Long Term Trading Plans for SPOT
January 24, 2021, 12:45 am ET
The Technical Summary and Trading Plans for SPOT help you determine where to buy, sell, and set risk controls. The data is best used in conjunction with our Market Analysis and Stock Correlation Filters too, because those help us go with the flow of the market as well. Going with the flow is extremely important, so review our Market Analysis with this SPOT Report.
SPOT – (Long) Support Plan
The technical summary data tells us to buy SPOT near 320.43 with an upside target of 364.70. This data also tells us to set a stop loss @ 319.5 to protect against excessive loss in case the stock begins to move against the trade. 320.43 is the first level of support below 338.96 , and by rule, any test of support is a buy signal. In this case, support 320.43 is being tested, a buy signal would exist.
SPOT – (Short) Resistance Plan
The technical summary data is suggesting a short of SPOT as it gets near 364.70 with a downside target of 320.43. We should have a stop loss in place at 365.75though. 364.70 is the first level of resistance above 338.96, and by rule, any test of resistance is a short signal. In this case, if resistance 364.70 is being tested, a short signal would exist.