Music streaming stock Spotify Technology (NYSE:SPOT) is trading 4.5% higher at $539.33 this afternoon, extending yesterday's gains and eyeing its highest close since April. The equity sports a nearly 7% year-to-date deficit however, leaves more room for growth. Luckily, today the shares have broken out and above a historic bull signal, meaning these gains could continue for SPOT.
SPOT has now crossed above former pressure at the 200-day moving average. Per Schaeffer's Senior Quantitative ******* yst Rocky White, this "crossover" event has happened five other times over the last 10 years.
Spotify stock was higher one month later 80% of the time after these signals, averaging a 7% gain. From its current perch, a move of this magnitude would put the shares above $577 for the first time since early January.
Options traders are in luck, as SPOT is looking affordably priced. Specifically, Spotify stock's Schaeffer's Volatility Index (SVI) of 57% stands in the 31st percentile of its annual range.
#spot #Stock #music
SPOT has now crossed above former pressure at the 200-day moving average. Per Schaeffer's Senior Quantitative ******* yst Rocky White, this "crossover" event has happened five other times over the last 10 years.
Spotify stock was higher one month later 80% of the time after these signals, averaging a 7% gain. From its current perch, a move of this magnitude would put the shares above $577 for the first time since early January.
Options traders are in luck, as SPOT is looking affordably priced. Specifically, Spotify stock's Schaeffer's Volatility Index (SVI) of 57% stands in the 31st percentile of its annual range.
#spot #Stock #music
27 days ago
