Spotify missed out on their earnings by 1.75%, this is why we are bearish. Furthermore, technical analysis also indicates a bearish sentiment as the chart forms a rising wedge.
Entry price at 140.42
Exit price at 116.56
Stop loss at 145.66
in weekly time frame, price below massive resistance, market circumstances lead the price to ~ $76 and after that, we might another attack to the resistance zone.
Today you will probably have the chance to buy SPOT at the price of its IPO in 2018.
But the price target, in my opinion, it`s even lower.
Looking at the Head and Shoulders Bearish chart pattern combined with the Joe Rogan controversy that has exposed Spotify’s weaknesses, i would say $126 per share is my buy area.
Looking forward to read your opinion about it.
Is this a good time to join Spotify bulls? Let’s see how the situation looks like from an Elliott Wave perspective.
The daily chart above puts Spotify advance from its December 2018 low in Elliott Wave context. The chart reveals that the uptrend from the 2018 low at $103.66 is shaped as a complete five-wave impulse. The pattern is labeled 1-2-3-4-5, where the...
