Spotify Price Levels to Watch as Stock Pops on Subscriber Growth, Outlook
Key Takeaways
- Spotify shares jumped in extended trading on Tuesday after the streaming media giant topped Wall Street’s third-quarter subscriber growth estimates and issued a better-than-expected profit outlook.
- The stock has continued to track higher after retesting the top trendline of an ascending triangle, though an RSI reading over 70 signals overbought conditions.
- A bars pattern, which extracts the stock’s upward trend from January to April and repositions it from the ascending triangle’s top trendline, forecasts a bullish price target in Spotify shares of around $525.
- Investors should monitor important support areas on the streaming giant’s chart around $389, $350, and $320.
Spotify (SPOT) shares jumped in extended trading on…
