SPOTIFY - Still King Of Music StreamingMissed out on this one earlier this year as would've loved to have gotten in once it broke that $160 level but had funds tied in other positions. Nonetheless, we're always watching and it looks like we may get another chance at a descent move in $SPOT. Remember, Spotify is like thr Netflix of streaming music. There's plenty of streaming music services but Spotify is still king. $SPOT leads the music streaming industry with over 138 million paying subscribers and 170 million people using its free advertising-supported service feature in over 90 countries. That is a colossal amount of reach. For comparison, Apple Music is estimated to have around 82 million subscribers.
The amount of active listeners dropped over the summer due to Covid19 related factors. Gyms closed, people working from home and didn't listen in their cars, less traffic so less listening time, etc. Musicians have even delayed albums since they can't perform at concerts just yet. Stock has still shot up since March like the rest of tech, and we could be seeing a drop soon if it follows the sector.
TA:
We would love an entry around the $175-$195 region if it gets to there. Looking to see if support would hold around the $225 Fib Retracement line or not. We're also eyeing the 200 day MA in white for possible support as well. Since we love Spotify even as a long term hold, we're not going to try and predict a bottom but looking for support at the levels and dollar cost average our way in.
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