Technical Analysis Double Top: Spotify (SPOT)
By Thu, May 21, 2020
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.
A net gain of +914.31 through May 21st, 2020 is a reality for members of Verified Investing Alerts. For investors who are sick of losing money as the markets whip due to the COVID-19, swing trading technical chart setups using the PPT Methodology is easy and insanely profitable. Swing trading using these methods allows smart investors to jump in at key levels and out for 10%+ gains in days. Master Trader Gareth Soloway has guided his members, actively swing trading stocks, using key technical levels for multiple profits of 10% almost every day (yesterday 3 winners of over 10% each). With the action in the equity markets, members are getting multiple trades a day (on average). See the VERIFIED track record HERE (scroll down on the page). Gareth consults for hedge funds but still helps average investors swing trade. Members get exact entry prices, stops, targets and daily videos that analyze the market, stock and current positions. The second Master Trader Gareth Soloway buys/sells a stock, members get a text/email alert to get them in/out of the trade in seconds. See how this trade based a Technical Analysis Double Top makes money!
About the Author
Chief Market Strategist Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial adviser but his heart was always in swing and day trading. He had this long standing belief that he could help investors make more money by advising them on shorter term investments (holding a stock for days to weeks) than the buy and hold crowd who lost 50% of their money during every market collapse. “Why not profit during the bear markets just like the bull markets”, he said. While helping others gain financial independence during the day, he spent his nights studying charts and price action, developing a unique market trading system that put his profits on a rocket ship. Some nights he would barely sleep when he found a new technique that was proven, once back-tested.
