Subscribers to our Schaeffer's Weekend Trader service scored a 146% profit with our recommended Spotify Technology SA (NYSE:SPOT) April 200 call in just over three weeks. Below, we'll explain why we recommended the bullish position in the first place, and how the trade played out so quickly.
At the time of our recommendation on Sunday, Jan. 14, SPOT had just moved above the round $200 level -- a layer it failed to break above in December -- and found support at its 20-day moving aver. What's more, the 200-week trendline had just turned supportive, after acting as resistance in July 2023. Spotify stock was also testing its 200-day moving average, solidifying a bullish technical foundation.
We also noted that the stock's Schaeffer's Volatility Index (SVI) 29% ranked in the extremely low 1st percentile of its annual range. This meant hat options were affordably priced when we made our bullish call.
Taking a look at today's trading, Spotify stock was last seen 5.2% higher at $235.22, and earlier moved as high as $248.67 -- a more than two-year high -- after the streaming giant's monthly user and subscriber growth beat estimates. Now up 24.1% in 2024, traders that took our advice were able to more than double their money.
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