Happy Monday–here’s the Spotify chart update. Spotify is in its second downside breakout of the consensus trading range ($145-$132). Unless it retraces back over $132, it would appear that the next downside support level is $106 where the stock closed on 12/21/18 or thereabouts.
The company just had its second “death cross” in less than 6 months where the the 50 day moving average crosses the 100 day moving average to the downside.
It would appear that the $1 billion stock buyback that Spotify announced (because that’s a good thing to do with the investor’s money) hasn’t worked very well so far. But pay no attention to that man behind the curtain.