SPOTIFY in search of a major bearish gap

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
Targets: (bullish) 195, 200, 210 (bearish) 130, 105, 80 zonal dollars.