Spotify looking extremely bearish and ready for a short
Spotify has put in a confirmation of an existing level as resistance once again. Along with this it is showing clear bearish divergence and and two clear bearish candlestick patterns. This is exactly what we look for when we try and take a trade.
So the trade is easy, we enter at the price today after a small retrace up, then our stop is above the level and the recent high. Why would we want to be shorting Spotify if it broke through that level anyways??
So the trade is easy, we enter at the price today after a small retrace up, then our stop is above the level and the recent high. Why would we want to be shorting Spotify if it broke through that level anyways??
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Backtested the level as resistance again - Still looking good.
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Below 159.5-160 we remain bearish. But the trade is less likely to play out after this current PA. I've cut my size in half at break even and will potentially add again if the PA improves.
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I did not update but I did add to the position yesterday (Updated on the chat). Great candle today.