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7digital Share Price Fell 12% Today, Here’s Why

Updated: 25 Aug 2020

7digital (LON: 7DIG) shares fell 12% today despite the music streaming company announcing a follow-on contract with ‘Jazzed’ an audio-visuall streaming platform as buyers took profits on their positions.

The 12-month contract allows jazzed to use 7digital’s API and platform to roll out its services in new territories, which will allow Jazzed users to listen to Jazz songs that are part of 7digital’s catalogue.

Jazzed users will get on-demand access to over 5 million tracks streamed in high-definition lossless audio.

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7digital stock rallied 13% higher shortly after the deal was announced yesterday.

7digital share price

Tradingview chart of 7digital share price 25082020

7digital stock has formed a triangle pattern over the last few days that could break out in either direction, but the fundamentals favour a break to the upside.

I would wait for a break and close above 3.50p or a break ad below 3.0p to establish a new position in the stock.

7digital shares fell 12% today to a low of 3.0p having closed yesterday’s session at 3.41p.

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