Technical analysis: SPOTIFY TECHNOLOGY S.A. (#SPOT)

Spotify is a Swedish audio streaming and multimedia service provider founded on April 23, 2006 by Daniel Ek. It is the largest music streaming service provider in the world

Spotify after reaching g all time high at $ 380.00 started a long bearish swing that led the stock to test again an important support area: looking at previous setups, we believe that Spotify can offer now excellent risk/return.

Since June 2020, the stock has moved in a horizontal channel between $ 220.00 and $ 295.00

• Strong reversal candle at $ 223.00

• RSI has reached the oversold area and managed to break the bearish trendline once reversed to the upside

• MACD, below 0, however, seems to want to regain ground and support a bullish momentum

The stock is currently in a bearish situation, but given the latest moves we believe there may be a good chance for a short-term rebound. We put a very tight stop loss in case the stock continues to fall

Entry range: $ 225.00 - $230.00*

Target 1 $ 249.00

Target 2 $ 280.00

Stop loss $ 210.00

Price at the moment out of the entry range

OTB Global Investments

12 August 2021