Spotify Technology’s stock price (SPOT) fell in latest intraday trading after bumping into the resistance of the 50-day SMA, with negative signals from the Stochastic after reaching overbought levels compared to the price’s movements, hinting at negative divergence, which doubles the negative pressure on the price, amid the dominance of the downward correctional wave in the short term.
Therefore we expect more losses for the price, targeting the support of $506.50, provided the resistance of $621.20 holds on.
Today’s price forecast: Bearish
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