Asset Watch
Tuesday, June 21, 2022
If so, Spotify found support near $91, and the recent decline did not culminate with new lows. Moreover, Spotify’s 50-day moving average is $111.54. And while 2022 hasn’t been kind, all its bear market rallies have ended at the 50-day MA. There could be a tactical buying opportunity here due to the level implying more than 12% upside from the Jun. 17 close.
A breakout above the 50-day MA places next-level resistance at $117.50 and then $160.81. on the other hand, another mauling by the bears means that $91 could be in play.
So will Spotify strike a bullish tone and start seeing green, or is its swan song about to play?
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