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Todays Big Stock Wealthpop News

This Music Streaming Stock Looks Awfully Bullish Right Now


We have a quick and easy set up for you to wrap up the week and this trade comes to us from Spotify Technologies (SPOT). SPOT has been trending up as the rest of the market continues to climb, however, as it comes up to some resistance, that momentum has stalled out a little bit.

Don’t worry, this stalling out of the momentum does not invalidate the trade we have on watch. As you can see in the video below, SPOT has formed a slight ascending triangle with the upper bound of that pattern around the 152 mark. A temporary break of that level on Thursday, going as high as 154.6, signals that a upward break could be on the horizon.

If you’re looking to get in on this rally, there are two ways you can approach this kind of trade. One, you could wait for a possible retest of the lower bound of this formation, giving you the best entry for a long play. Two, you could go a week or two out with your expiration, targeting that 160 level.

That price target comes from the next major level of resistance for the stock. Should we continue to rise, that level would likely give the price some turbulence to navigate. So, keep this trade on watch or find your entry to best execute to the upside, but remember, always define your risk before getting in the trade.

Learn to find these levels for yourself when you join The Profit Machine. There, you’ll learn all about my favorite stocks, setups, strategies, and plenty more. You’ll also be invited to weekly webinars where I answer questions and go over important trading lessons, like the one in today’s article. The best part, you’ll also receive live trade alerts. Not only will you get a world-class education, but you’ll earn while you learn.

Get a jump start on your options education and put yourself in position to win in 2023. Sign up today! Until then…

Good Luck With Your Trading!

Christian Tharp, CMT

Christian Tharp

I am an expert stock market coach having helped over 4000 beginner and advanced traders & investors from around the world take control of their financial futures. I also write stock market related articles for the Adam Mesh Trading Group. My Chartered Market Technician (CMT) designation substantiates me as an expert in areas such as the technical analysis of stock trends, market indicators, cycles, price patterns, Elliot Wave principles, Candlestick charting, analyzing financial trends and behaviors, portfolio strategies, and forecasting future price movements. With my straightforward approach to simple, systematic trading, students learn how to strategically assess buy signals and market entry timing, establishment and management of stop losses, and how to employ a simple and disciplined trading approach that creates profits.

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