Spotify Monthly Chart: A Look at Key Technical Elements
This analysis examines several noteworthy elements on the $Spotify Technology S.A.(SPOT)$ monthly chart:
Monthly Chart's Predictive Power: Take note of the two consecutive shooting stars, which foreshadowed the 2022 crash. This highlights the importance of using monthly charts for identifying long-term trends.
Potential Cup and Handle Formation: A cup-with-handle pattern seems to be developing. If this setup plays out, the price could reach $500.
Overbought Oscillator: The overbought reading on the oscillator suggests that the "handle" portion of the cup-and-handle pattern might begin to form soon.
Considering Additional Indicators: While the cup-and-handle pattern suggests $500, incorporating other technical indicators might be prudent. Considering the "handle" formation, a pullback to $250 cannot be entirely excluded, the latest educational content was about Fibonacci (check it out in bio). And a more realistic mid-term target could be around $360.
Monthly charts coming during this week, subscribe in bio.
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