Spotify Technology SA Stock Forecast
Red day on Wednesday for Spotify Technology SA stock after losing 0.722%
(Updated on Jun 26, 2024)
The Spotify Technology SA stock price fell by -0.722% on the last day (Wednesday, 26th Jun 2024) from $321.28 to $318.96. During the last trading day the stock fluctuated 1.84% from a day low at $316.19 to a day high of $322.00. The price has been going up and down for this period, and there has been a 2.89% gain for the last 2 weeks. Volume has increased on the last day by 385 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 1 million shares were bought and sold for approximately $397.25 million.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 12.12% during the next 3 months and, with a 90% probability hold a price between $332.37 and $376.09 at the end of this 3-month period.
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SPOT Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Tuesday, June 04, 2024, and so far it has fallen -2.36%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. The Spotify Technology SA stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $315.43 and $307.65. A breakdown below any of these levels will issue sell signals.
Support, Risk & Stop-loss for Spotify Technology SA stock
Spotify Technology SA finds support from accumulated volume at $303.31 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $5.81 (1.84%) between high and low. For the last week, the stock has had daily average volatility of 2.70%.
Our recommended stop-loss: $306.21 (-4.00%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 39 days ago.)
Trading Expectations (SPOT) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Spotify Technology SA to open at $319.05, and during the day (based on 14 day Average True Range), to move between $309.42 and $328.50, which gives a possible trading interval of +/-$9.54 (+/-2.99%) up or down from last closing price. If Spotify Technology SA takes out the full calculated possible swing range there will be an estimated 5.98% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $319.51 (0.17%) than the support at $303.31 (4.91%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Spotify Technology SA stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Spotify Technology SA stock to perform well in the short-term.
Current score: 1.476 Buy Candidate Unchanged
Predicted Opening Price for Spotify Technology SA of Thursday, June 27, 2024
Fair opening price June 27, 2024 | Current price |
---|---|
$319.05 ( 0.0282%) | $318.96 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SPOT
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 324.86 | 1.85% |
R2 | 322.64 | 1.15% |
R1 | 321.27 | 0.724% |
Price | 318.96 | |
S1 | 316.83 | -0.668% |
S2 | 315.46 | -1.10% |
S3 | 313.24 | -1.79% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 326.68 | 2.42% |
R2 | 324.75 | 1.82% |
R1 | 319.51 | 0.172% |
Price | 318.96 | |
S1 | 303.31 | -4.91% |
S2 | 281.23 | -11.83% |
S3 | 272.24 | -14.65% |
FAQ
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