Spotify Holding the 50-day SMA
Spotify has come into its own as a new-media disruptor in recent months. It broke out to new highs in May after signing Joe Rogan. Other luminaries like Kim Kardashian and Michelle Obama have followed.
SPOT muscled up to $299.67 on July 22 but then pulled back. Its last earnings report wasn’t terrific, but the real story on this name is its widening program list and long-term position as a unique growth stock.
The current price range could be a place to look for an entry. It barely touched below its 50-day simple moving average (SMA) on Monday and has held there since. The recent low of $241.27 is also near support from the July 14 low of $243.11. (False breakdowns below old lows can be bullish.)
If SPOT holds this zone, momentum traders may watch for a continuation from the 50-day SMA.
SPOT muscled up to $299.67 on July 22 but then pulled back. Its last earnings report wasn’t terrific, but the real story on this name is its widening program list and long-term position as a unique growth stock.
The current price range could be a place to look for an entry. It barely touched below its 50-day simple moving average (SMA) on Monday and has held there since. The recent low of $241.27 is also near support from the July 14 low of $243.11. (False breakdowns below old lows can be bullish.)
If SPOT holds this zone, momentum traders may watch for a continuation from the 50-day SMA.
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