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Spotify (SPOT) is a digital music service used by more than 400 million people every month. We’ve come a long way from simple AM radios in our homes and cars.
Despite the company’s progress, SPOT stock has fallen significantly in 2021 and 2022. Is the price currently laying a foundation that can support a new sustained uptrend?
In SPOT’s March 24 review, he wrote, “Charts suggest a downward correction in price is possible.”
The SPOT daily bar chart below shows a long horizontal trend over the last 12 months. Stocks have risen since my March 24th review, but indicators continue to warrant vigilance. SPOT is trading near his 50-day moving average and just above the 200-day line.
On-Balance-Volume OBV) line is weakening and the Moving Average Convergence-Divergence (MACD) oscillator is slightly above the zero line.
SPOT’s weekly candlestick chart below shows a “fair” figure. The price is trading above the 40-week moving average.
Trading volumes are down, suggesting low investor interest. The weekly OBV line has moved sideways over the past two months. The MACD oscillator is slightly above the zero line.

In this SPOT point-and-figure chart below, we can see an upward price target in the $156 area. Trading at $126.18 could exacerbate the situation.

SPOT’s weekly point-and-figure chart below shows an upside target in the $237 area. Impressive.
Earning strategy: SPOT is not expected to report earnings until April 25th. I don’t know if it will be bullish or bearish. If you are long or looking to be long, I stop at $125.
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