Watching $SPOT to crank up the volume – January 16, 2024
This is Scott with your Chart of the Day. I want to take a look at Spotify ( NYSE: SPOT ).
Spotify ( NYSE: SPOT ) has earnings coming up in early February; right around February 6th, Spotify ( NYSE: SPOT ) will announce earnings. They don’t have a good history of earnings over the past few quarters. You can see these red triangles here, where earnings were a disappointment over, and over, and over again.
Just recently, in November-October they had their earnings report come out and it was a positive earnings report. So I believe there may be a bit of anticipation leading into earnings for another positive report. So I think Spotify ( NYSE: SPOT ) definitely has a chance to run into earnings.
Now, breakouts have been hard to buy in this market. There have been a lot of fake outs lately, due to some of the market volatility. But what I want to see from Spotify ( NYSE: SPOT ) is a clear break of this level right here, 203.00, 204.00 zone, let’s say, 204.00 right on the dot. I want to see a strong break of 204.00 and then a push through that level with volume.
I really want that volume to confirm the breakout. Anytime I’m looking for a breakout volume is a key indicator for me to show me that the move has a probability to hold. A lot of times, if you see a breakout on low volume, you know what, the stock can turn into a bit of a tentative beast, and it can give back those moves.
So I really want to see Spotify ( NYSE: SPOT ) crank up the volume as it pushes through that 204.00 level. So that is a zone that I am definitely going to be watching and adding to my watch list now.
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