InTheMoneyStocks Pro Traders Market Analysis

[ITMS]

Technical Analysis Double Top: #Spotify $SPOT...

Shares of Spotify Technologies (SPOT) continue to surge higher. With the stock approaching the $200 level, there is a major technical analysis double top in play. This double top is found by going back to the July 2018 all-time high. and drawing a horizontal line. The price of Spotify is less than 2.5% away.

The way to trade a double top is simply by shorting the stock. In this case, a sell-short would be initiated at $200 with an expected pull back target of $160 (technical support). This is a trade I will likely take myself assuming price hits in the next day. The time factor is extremely important. Many investors and traders do not understand how key time is when trading for success. A technical analysis double top can be an easy winner if it hits in the right amount of time versus if it takes too long. Smart money knows these tricks.

See the chart here: https://inthemoneystocks.com/technical-analysis-double-top-spotify-spot/

Gareth Soloway
InTheMoneyStocks.com