Mar 21, 2021 (Stock Traders Daily via COMTEX) -- This is not EF Hutton, but it could be more powerful. A picture speaks a thousand words, they say, and the price action of Spotify Technology Sa /zigman2/quotes/207488629/composite SPOT +2.51% tells an important story. The movement tells us where investors perceive value, or the lack of it, and if we pay attention we can capture opportunity. The data below for SPOT can be used as an example, and demonstrate how to do this for other stocks too. This data was current at the time of publication, but it is not updated in real time here. If you want real time updates, or data on a different stock, please get one here Unlimited Real Time Reports .
The Technical Summary and Trading Plans for SPOT help you determine where to buy, sell, and set risk controls. The data is best used in conjunction with our Market Analysis and Stock Correlation Filters too, because those help us go with the flow of the market as well. Going with the flow is extremely important, so review our Market Analysis with this SPOT Report.
There is no current Support Plan to trigger a buy of this stock at this time. This usually means that there are no clear support levels at this time, so buying the stock as it falls could be considered catching a falling knife. Buy signals only exist if resistance breaks higher.
This often is a signal that the stock you are watching is weak. Waiting for a turn higher may be more intelligent than trying to catch a falling knife. In any case, new support levels are usually revised to the database at the beginning of the next trading session.
The technical summary data is suggesting a short of SPOT as it gets near 303.74, but the downside target is not available from the current data. This tells us to hold that position if it is triggered until a new downside target has been established (updates occur at the beginning of every trading session) or until the position has been stopped. The summary data tells us to have a stop loss in place at 304.62. 303.74 is the first level of resistance above 272.11, and by rule, any test of resistance is a short signal. In this case, if resistance 303.74 is being tested, so a short signal would exist.
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