It’s time to be very aware of the actions of Spotify on Wall Street. The reason is because last week it left us with a clear bullish candle marking strength, which made it recover the average of the 40 sessions on the weekly chart and also placed above the bearish guideline that had come since last April of this year 2021 .
This movement is a good sign and leaves us as bullish the short-term trend at this time on this value.
Areas to watch out for on Spotify on the stock market
I start by looking for the supports first and the first on Spotify shares would be in the area of $ 259 – $ 245. Tell you that there, we now have the average of the 40 sessions on the weekly chart and the recovered bearish guideline that I mentioned at the beginning of this analysis.
That tells us that just seeing a turn towards it to lose it, would make us put aside a possible recovery again and it should lose positions again.
If it is finally so, Spotify on the stock market would give us a first bearish objective in the area of 218.50 – 200 dollars per share.
You have to be very careful to see that there is a turn towards it to also mark a loss, since that would be a new sign of weakness on Spotify.
If we have that bearish scenario on this value, we should look for the level of $ 179 as the next support.
At the top, we are going to watch as the first important resistance the area of $ 320 per share.
It would be a very good sign about the actions of Spotify, see that he manages to mark a turn towards it to recover it and leave it behind. That scenario would once again indicate strength over this company.
Seeing that this is so, it should give us a first bullish target above $ 360.
Tell us that if that is also broken upwards to be placed above, it would indicate that it should go to look for the maximums of the month of February of this year 2021 that we have in the area of 387.44 dollars per share.
We are going to see what movements we have in the following sessions, to know if we are going to have the bullish or bearish scenario on Spotify in the stock market.
The macd indicator on Spotify it continues with its mean cut to the upside and looking to get above the zero line, which is a good sign.
We will follow him closely, to know when he may end up changing his situation.
Weekly chart analyzed on the shares of Spotify on the Wall Street stock market
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