Spotify, week 8: still range-bound, MACD turns down
Spotify slips 0.3%, still pinned between its averages as MACD turns down
Spotify, week 8: still range-bound, MACD turns down
Our view last week
Spotify stays pinned between a resistance and a support close by, just as it was last week: the stock slips only 1.3% after the double bottom in the 445 area that sparked an 8% rebound. The weekly ADX is falling, the trend losing conviction, but the weekly MACD keeps improving. The trade, in its 7th week as an open buy signal, is still down 7.7%, with elevated volatility to manage with discipline. Spotify weekly technical analysis worth following closely.
This week's summary
Spotify shares stay boxed between two nearly overlapping averages, just like a week ago, but one thing has changed: the weekly MACD, which was improving, has now turned lower, and the ADX has slipped to 20 - the trend losing conviction. The 8th week of the buy signal has also reached our model's second management window. Spotify weekly technical analysis worth watching closely as this swing trade evolves.
IQS Phase
50
ordinary
Signal Strength
59
medium
Sizing
STANDARD
Ranking
#59 / 112
US stocks in progress
Trade P&L %
-8.03%
from signal to today
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