Good morning traders! Today we want to analyze Spotify, since in recent days much has been said about this stock and its movement in recent weeks has been remarkable.
🔸What we can observe is that from March to July of this year the price generated an astonishing rise of approximately 170%.
🔸Of course, after a strong move, a consolidation or correction of a similar magnitude is expected.
🔸So it was, the correction lasted approximately four months, and we can draw a flag pattern of this process.
🔸This week there was a clear and indisputable breakout to the upside, with a large bullish candle closing above all-time highs.
So, how do we project the target of the movement in this case that the price is at historical highs?
🔸The tool we use is the fibonacci extensions based on the previous momentum. This projection gives us that the first target of the movement is approximately $351 and the second target $417, which would be, from the current level, a rise of 30%.
🔸What we can observe is that from March to July of this year the price generated an astonishing rise of approximately 170%.
🔸Of course, after a strong move, a consolidation or correction of a similar magnitude is expected.
🔸So it was, the correction lasted approximately four months, and we can draw a flag pattern of this process.
🔸This week there was a clear and indisputable breakout to the upside, with a large bullish candle closing above all-time highs.
So, how do we project the target of the movement in this case that the price is at historical highs?
🔸The tool we use is the fibonacci extensions based on the previous momentum. This projection gives us that the first target of the movement is approximately $351 and the second target $417, which would be, from the current level, a rise of 30%.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.