The Thematic MUSQ Global Music Industry ETF on the NYSE showed promising signs for investors as trading remained flat on Thursday, forming an inside bar pattern near the peak of a green Marubozu candlestick printed the day before.
This ETF offers concentrated exposure to the entire music ecosystem, encompassing streaming, content and distribution, live events and ticketing, satellite and broadcast radio, technology, and artificial intelligence. Its portfolio includes various stocks representing the diverse sectors on which the music industry relies.
The performance of individual stocks within the fund has been remarkable, with companies like Sphere Entertainment Co (NYSE: SPHR), Spotify Technologies S.A. (NYSE: SPOT), Live Nation Entertainment, Inc (NYSE: LYV), and Tencent Music Entertainment Group (NYSE: TME) witnessing substantial growth in recent months.
For investors seeking diversification, MUSQ’s top holdings include influential companies not only in the music sector but also across various industries. Amazon.com, Inc (NASDAQ: AMZN), Alphabet Inc (NASDAQ: GOOG, GOOGL), and Apple Inc (NASDAQ: AAPL) are among the top three holdings, signaling a blend of strengths from different sectors.
Chart analysis reveals MUSQ’s steady trading pattern between $24.10 and $25.36 since December 23. Recent bullish momentum is evident through the ETF’s Relative Strength Index (RSI), showing a trend of higher highs and higher lows.
- MUSQ is currently forming an inside bar pattern on the daily chart, following a bullish Marubozu candlestick on Wednesday, indicating a positive sentiment.
- The ETF is in an uptrend, consistently marking higher highs and higher lows, with the most recent high at $25.17 on Wednesday and the low at $24.76 on Tuesday.
- Traders are eyeing significant volume shifts to confirm the bullish pattern and push MUSQ above $25.40, while bearish traders hope for a drop below $24.78 to reverse the trend.
- Key levels to watch include resistances at $25.36 and $25.76, and supports at $24.78 and $24.34.
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