Spotify Chart Analysis: Potential Big Breakdown

Spotify Technologies (SPOT) has been a hot stock over the last three months. A breakout above $200 took it as high as $300 before it has faded back near $250.00. Spotify chart analysis signals a potential major next leg lower today.

The stock price is hammering on a key support trend line at $253.00. Any close below that triggers a breakdown. There is no major support until it falls back to $200.00. The Spotify chart analysis is clear, look for a close below $253.00. If it happens, expect further downside in the coming weeks.

(Click on image to enlarge)

Disclosure: None.

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.