Already Down, Over -29%

The last update on Spotify was back in August, link here.

SPOT’s down another – 20% since then, and over -29%, from the all-time highs.

The chart shows we’re in a trading channel.

Spotify SPOT, Daily

At this juncture, downward thrust (net) distance is slowing somewhat.

However, price action is near the right downtrend line and may pivot lower to confirm (not advice, not a recommendation).

The set-up is not ideal.

Obvious locations for a stop (if short) are today’s high, yesterday’s high or a decisive break of the right side trendline (not advice, not a recommendation).

Note the channel is a Fibonacci 8-Days wide.

Stay Tuned

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.

The Danger Point®, trade mark: No. 6,505,279