Asset Watch
Thursday, February 8, 2024
The earnings upswing on Feb. 6 helped Spotify break out above the weekly lows from mid-2020 through early 2022. However, the stock must maintain the strength to confirm the move. In the meantime, tracking the 10-week moving average (the blue line) is the best way to remain long and manage risk.
The vertical white line shows how the 10-week MA has been a reliable gauge of support and resistance since 2022. Therefore, if Spotify continues to trade above the key level, the bulls remain in control, and the outlook is constructive.
Will Spotify recapture its November 2021 highs near $300, or will a sad song serenade the bears and inspire a correction?