Spotify: 8% rebound as the buy signal cools
Spotify gains 0.9% and tests a rebound off a double bottom near 445
Spotify: 8% rebound as the buy signal cools
Our view last week
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.
This week's summary
Spotify shares attempt an 8% rebound off a clean double bottom in the 445 area, closing the week with a modest +0.9%. Compared with a week ago, when the weekly MACD had turned lower, this week it's improving again - but the ADX keeps slipping, down to 19.2, with the trend losing conviction. The buy signal, now in its 9th week, is showing signs of fatigue: earnings on August 4 are approaching, calling for caution in this Spotify technical analysis.
IQS Phase
65
in tension
Signal Strength
59
medium
Sizing
STANDARD
Ranking
#64 / 124
US stocks in progress
Trade P&L %
-7.16%
from signal to today
Rank position
ranks 64th among the 124 Longs already running for US stocks in our ranking, with a signal strength of 59 out of 100.
Sector context
SectorGrowth Tech
Benchmark ETFXLK
Sector regimeweak phase
Performanceweekly +0.17% · monthly -3.92%
SPOT belongs to the growth tech sector (reference ETF XLK). The sector is classified weak phase according to our weekly reading.
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