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USA A1 Trading Advice (C) | 05-Jun-2024 | Expected Gain 6%-8%

SHORT TERM TRADING ADVICE IN USA

 BUY   Spotify Technology (NYSE: SPOT)

Spotify Technology (NYSE: SPOT) STOCK RECOMMENDATION

Idea BUY
Buy Range 315 – 325
Target 345 – 350
StopLoss* below 303
Duration 14-15 Trading Days
Potential Returns 6% – 8%
Idea Buy Range Target StopLoss* Duration Potential Returns
BUY 315 – 325 345 – 350 below 303 14-15 Trading Days 6% – 8%

* Once the first target hit, reset the StopLoss at your buying price.

Our recommendations are authentic and transparent. Find this recommendation posted in Tradingview. Be assured such records are permanent and irreversible.

 Tradingview position update

Spotify Technology (NYSE: SPOT) STOCK OVERVIEW

Spotify Technology S.A. and its subsidiaries deliver audio streaming subscription services globally. The company is divided into two segments: Premium and Ad-Supported. The Premium segment provides ad-free online and offline streaming of music and podcasts to subscribers, while the Ad-Supported segment offers on-demand online access to music and podcasts with ads. Additionally, Spotify offers various services such as sales, distribution, marketing, research and development, and customer support. Founded in 2006, Spotify Technology S.A. is headquartered in Luxembourg City, Luxembourg.

Stock Data
NYSE Symbol SPOT
Sectoral Index Broadcasting
52 Weeks High XXX
52 Weeks Low XXX

Spotify Technology (NYSE: SPOT) - RELATIVE STRENGTH

SPOT-RELATIVESTRENGTH

Relative Performance - Last 1 Year

Spotify Technology —     NYSE —

Spotify Technology (NYSE: SPOT) - DAILY TECHNICAL ANALYSIS

Spotify Technology (NYSE: SPOT) - Technical Analysis (Daily)
  • The price has consistently been on an upward trend, continuously reaching higher highs and lows.
  • A chart analysis reveals the formation of an Ascending Triangle pattern.
  • With a powerful breakout, the price is currently trading at its highest level ever recorded and is anticipated to continue rising.
  • As long as the price remains above the 300 level, the overall market sentiment will remain optimistic and bullish.

Spotify Technology (NYSE: SPOT) - RSI

Spotify Technology (NYSE: SPOT) - RSI
  • Current RSI of this stock is 65.74, which indicates the strength of buyers.

Spotify Technology (NYSE: SPOT) - MACD

SPOT-MACD
Spotify Technology (NYSE: SPOT) - MACD
  • MACD line has just crossed the signal line from the below and a positive histogram chart is forming. This can be considered as a bullish signal.

Spotify Technology (NYSE: SPOT) - OBV

Spotify Technology (NYSE: SPOT) - OBV

  • The OBV line is moving in the same upward direction which means there is a positive sentiment in the market. Also the significant price up move accompanying with increasing OBV volume suggests strong buying pressure.

CONCLUSION - Spotify Technology (NYSE: SPOT) STOCK PRICE FORECAST

Based on our stock trading advice in USA, Spotify Technology stock price target will be USD 345 – USD 350 in the next 14-15 trading sessions.

Spotify Technology (NYSE: SPOT) TRADINGVIEW POSITION UPDATE

Buy Spotify Technology by NaranjCapital on TradingView.com

MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable to enter/exit in the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other trading recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

Advisor / ANALYST SUMMARY

The stock trading advice is prepared by the Naranj Capital team under the guidance of Arijit Banerjee, CMT, CFTe. Arijit is a veteran trader and an active investor having in-depth knowledge of financial market research, advanced technical analysis, market cycle, algorithmic trading, and portfolio management. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the global authority of Technical Analysis and also has been honored as a Certified Financial Technician (CFTe) by the International Federation of Technical Analysts, USA.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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