Listen for this Alert on $SPOT – November 14, 2023
This is Scott with your Chart of the Day. A really quick one here from Spotify ( NYSE: SPOT ).
Spotify ( NYSE: SPOT ) is in a well-defined uptrend, and above all the major moving averages. And all the major moving averages, that I have on my chart here, are in order. We like that, that means the trend is strong. We want to focus on strong trending stocks when the market is up.
I think that this level, right here, is pretty important on Spotify ( NYSE: SPOT ), right around that 176.00 zone. If I zoom out you can see why, because that resistance area brings us all the way back to over here in 2022.
That was one of the previous breakdown zones, where we saw Spotify ( NYSE: SPOT ) break down, consolidate, and try to get above, but unable to get above. And ever since then, this zone has acted as a pretty important resistance area, even back here in July.
So what I want to see from Spotify ( NYSE: SPOT ) is a breakout through 176.00 on volume. I want to see it get above that level, hold above that level, and do it on higher-than-average volume.
So I am going to set an alert and listen for it to go off within the next month or so. I think that the 176.00 level is pretty key. You are going to want to see a break, a close, and a move coming on higher-than-average volume.
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