Stock Traders Daily says SPOT is close to resistance
December 04, 2023, 11:03 am ET, BY Thomas H. Kee Jr- Editor, Stock Traders Daily| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
Stock Traders Daily suggests that Spotify (NASDAQ: SPOT) is within stricking distance of longer term resistance. This almost official test follows a spike in shares of SPOT today, but the buy sgnals came before this spike. When SPOT moved above intra channel resistance the buy signal surfaced; Intra channel resistance was $177.98, and that broke hgher well over a week ago.
The most recent technical buy signal in SPOT surfacedover a week ago ago, but the stock has had buy signals since its lower longer term support line was being tested too. Now the stock is much closer to resistance. Real Time Details are available for SPOT and other stocks.
Longer Term Trading Plans for SPOT
- Buy SPOT slightly over 177.98 target 197.37 stop loss @ 177.47 Details
The technical summary data tells us to buy SPOT near 177.98 with an upside target of 197.37. This data also tells us to set a stop loss @ 177.47 to protect against excessive loss in case the stock begins to move against the trade. 177.98 is the first level of support below 193.53 , and by rule, any test of support is a buy signal. In this case, support 177.98 is being tested, a buy signal would exist.
- Short SPOT slightly under 197.37, target 177.98, stop loss @ 197.94 Details
The technical summary data is suggesting a short of SPOT as it gets near 197.37 with a downside target of 177.98. We should have a stop loss in place at 197.94though. 197.37 is the first level of resistance above 193.53, and by rule, any test of resistance is a short signal. In this case, if resistance 197.37 is being tested, a short signal would exist.
Swing Trading Plans for SPOT
- Buy SPOT slightly over 197.37, target n/a, Stop Loss @ 196.8 Details
If 197.37 begins to break higher, the technical summary data tells us to buy SPOT just slightly over 197.37, with an upside target of n/a. The data also tells us to set a stop loss @ 196.8 in case the stock turns against the trade. 197.37 is the first level of resistance above 193.53, and by rule, any break above resistance is a buy signal. In this case, 197.37, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
- Short SPOT slightly near 197.37, target 186.87, Stop Loss @ 197.94. Details
The technical summary data is suggesting a short of SPOT if it tests 197.37 with a downside target of 186.87. We should have a stop loss in place at 197.94 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 197.37, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
Day Trading Plans for SPOT
- Buy SPOT slightly over 197.37, target n/a, Stop Loss @ 196.91 Details
If 197.37 begins to break higher, the technical summary data tells us to buy SPOT just slightly over 197.37, with an upside target of n/a. The data also tells us to set a stop loss @ 196.91 in case the stock turns against the trade. 197.37 is the first level of resistance above 193.53, and by rule, any break above resistance is a buy signal. In this case, 197.37, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
- Short SPOT slightly near 197.37, target 186.87, Stop Loss @ 197.83. Details
The technical summary data is suggesting a short of SPOT if it tests 197.37 with a downside target of 186.87. We should have a stop loss in place at 197.83 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 197.37, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
SPOT Ratings for December 04:
| Term → | Near |
Mid |
Long |
|---|
| Rating |
Neutral |
Strong |
Strong |
| P1 |
0 |
0 |
158.74 |
| P2 |
181.02 |
182.59 |
177.98 |
| P3 |
183.04 |
186.87 |
197.37 |
⚠Triggers may have already come
Support and Resistance Plot Chart for SPOT
Blue = Current Price
Red= Resistance
Green = Support
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