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10/06/21 10:53
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By tradinglounge · Posted
Spotify Inc., Elliott Wave Technical Analysis Spotify Inc., (SPOT:NASDAQ): Daily Chart, 7 June 23, SPOT Stock Market Analysis: We have witness an outstanding up move in Spotify as we rallied over 100% from the bottom at around 70$. It looks like we are looking for a potential top soon as we seem to be having different reasons to believe so. SPOT Elliott Wave Count: Wave (v) of {v}. SPOT Technical Indicators: Above all averages. SPOT Trading Strategy: Looking for a down move to begin the correction soon. TradingLounge Analyst: Alessio Barretta Source : Tradinglounge.com get trial here! Spotify Inc., SPOT: 4-hour Chart, 7 June 23 Spotify Inc., Elliott Wave Technical Analysis SPOT Stock Market Analysis: As you can see we are looking at a potential ending diagonal in wave {v} as we encounter resistance which is visible on the daily chart and I highlighted the area in yellow. We have RSI bearish divergence suggesting we could be due a pullback. SPOT Elliott Wave count: Wave (v) of {v}. SPOT Technical Indicators: Above all averages. SPOT Trading Strategy: Looking for a sudden drop to confirm the end of the uptrend. -
Stocks in Asia managed to move higher overall, though weakness in Japan was the outlier. A poor performance from China's trade data raised hopes that some form of stimulus might eventually come to pass in the world's second-largest economy, as the slowdown intensifies. Markets remain relatively quiet overall, as the focus shifts to next week's clutch of central bank meetings. Yesterday's more hawkish RBA may give the Bank of Canada cover to raise rates once again, defying general expectations of a pause. -
Early Morning Call: Europe indices hesitant as Australia GDP, China exports dampen mood Australia's economy grew at the weakest pace in a year and a half last quarter while in China, exports shrank much faster than expected in May - 7.5% year-on-year. Angeline Ong | Presenter, Analyst and Content Editor, London | Publication date: Wednesday 07 June 2023 09:03 APAC overview APAC equity markets were mixed on Wednesday after economic data in Australia and China dampened the mood of investors. Australia's economy grew at the weakest pace in a year and a half last quarter. Gross domestic product (GDP) rose 0.2% quarter-on-quarter (QoQ), easing from 0.6% in the previous quarter. Consumers have become increasingly selective in terms of their spending, privileging essential goods and services. Household consumption rose only by 0.2% in the first three months of the year, contributing 0.1% percentage points to GDP. Back on March 21st, at the end of the first quarter, the Reserve Bank of Australia (RBA) considered that its monetary policy was then in restrictive territory. Indeed, the latest GDP data showed that rising interest rates have started to bite. Minutes after the release of GDP data, Australia's Treasurer Jim Chalmers said inflation was proving more stubborn than hoped for, supporting the recent RBA decisions. Since that March meeting, the RBA has hiked its cash rate twice more, taking it to an 11-year high of 4.1%, and is still saying more tightening may be required. In China, exports shrank much faster than expected in May, by 7.5% year-on-year (YoY). It was the largest decline since January. Imports fell too, albeit at a slower pace of 4%. This is yet another indication that China's manufacturing sector is struggling to recover. This poor export performance reflects weak demand for Chinese goods. Some economists now believe that in that context of global weakness, China needs to rely more on domestic demand. This adds pressure on government to boost domestic consumption. Macroeconomics In the UK, the Halifax house price index stayed unchanged in May compared to the previous month, down 1% YoY. In Germany, industrial production rose by 0.3% in May MoM, after a 2.6% drop the previous month. Are we up for an interest rate hike in Canada? A majority of economists don't think so, but they expect one at the Bank of Canada's (BoC) subsequent meeting in July. The last time the Bank of Canada raised its overnight rate was on January 25. The Bank decided to hold rates at its last two meetings, as it considered borrowing costs restrictive enough to bring inflation down. Canadian inflation peaked earlier than most economies in June last year at 8.1% and has since declined to 4.3% in March. But then we had a rebound in April to 4.4%. The BoC has room to raise interest rates sooner rather than later. Canada's economy has been fairly resilient so far this year. GDP growth for the first three months hit 0.8% QoQ, and the unemployment rate has been stuck at a 49-year low for the past five months. Equities Boeing warned on Tuesday evening it could be forced to slow deliveries of its 787 Dreamliner. The American aircraft maker discovered a new production flaw, and now needs to inspect all 90 jets in its inventory, and believes it will take two weeks to fix each aircraft. The SEC crackdown on the crypto industry is escalating. The US securities regulator issued a lawsuit against Coinbase on Tuesday, the second in two days against a major crypto exchange. On Monday, the SEC targeted Binance, the world's largest cryptocurrency exchange. The two cases are of a different nature. The SEC accused Binance and its CEO Changpeng Zhao of operating a "web of deception". As for Coinbase, the regulator considers it is operating illegally because it failed to register as an exchange. If successful, these lawsuits could trigger a major change in the crypto world, asserting the SEC's jurisdiction over it. So far, the industry's argument is that tokens do not constitute securities and should not be regulated by the SEC. This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.
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Guest chequebook
Hi there,
I've signed up for the L2 service and have downloaded the app onto my PC. However, it doesn't seem to be working! I can't get the prices for any market at all - whether I try looking in the dictionary or use the search bar. It appears to be connected - it just isn't working - any tips as to what may be going wrong?
Thanks,
Rob
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