Hi everyone,
Let's take a look at current price action of
SPOT.
The stock is up 12% on the day with the highest volume in a while.
Price is currently at 193.
The zone of 190-214 is a no man's land. Price has cut through this zone in the past, both on the way up and down. That's due to thin volume profile structure.
We take 196, we go higher fast, up to next solid supply zone of 215-220.
Then I expect a consolidation for a while between 220 and 244.
Ultimately price should gravitate towards the POC of the last 2 years at 266.
Beware of the earnings call in 2 days! Today might be one of those pre-earnings pumps.
As always, trade wisely and good luck!
-----------------------------------------------------------------------------------------------------------------
Disclaimer!!!
This is not financial advise.
Let's take a look at current price action of
SPOT. The stock is up 12% on the day with the highest volume in a while.
Price is currently at 193.
The zone of 190-214 is a no man's land. Price has cut through this zone in the past, both on the way up and down. That's due to thin volume profile structure.
We take 196, we go higher fast, up to next solid supply zone of 215-220.
Then I expect a consolidation for a while between 220 and 244.
Ultimately price should gravitate towards the POC of the last 2 years at 266.
Beware of the earnings call in 2 days! Today might be one of those pre-earnings pumps.
As always, trade wisely and good luck!
-----------------------------------------------------------------------------------------------------------------
Disclaimer!!!
This is not financial advise.
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