The company has had an exceptionally impressive first half of the year. The stock has gained more than 110 percentage points (it opened the month of January slightly above the $80 zone). The remarkable uptrend has allowed it to easily break through multiple technical resistances, establishing a strong bullish medium-term channel. In fact, Spotify is currently trading around the upper boundary of this channel.
The range between $174 and $192 is now the significant hurdle to overcome. It is where the last major bearish gap occurred in late January 2022. A weekly close above this level would confirm its annulment, signaling a large-scale bullish reversal pattern with a potential target of $260 to $300. On the downside, the range between $155 and $160 is currently the nearest support level to watch. This zone corresponds to the base of the bullish channel and serves as the key short-term support. A definitive breakdown below this level would trigger the first sign of technical weakness, potentially leading to a new significant corrective move..
Supports: 160, 156, 134, 110, 103, dollars.
Resistance: 192, 220, 245, 260, 280 dollars.
Targets: (bullish) 195, 200, 210 (bearish) 130, 105, 80 zonal dollars.