234Trader
Long

SPOTIFY IPO; Ready for for a 30% gain after it's opening week ??

NYSE:SPOT   SPOTIFY TECHNOLOGY S.A. ORDINARY SHARES
Not a fan of stocks, but love watching IPO's:

NYSE:SPOT             just released this week; here's my take on the chart after it's first week of trading...

Price action has now put our first bottom in place, where I'd expect 134 to be the HARD floor price before any further declines.

However, the range (green shaded zone) from the past 2 days, 'IMO', is the catalyst for a breakout, ideally in the upper direction. There is the option for a breakout below of course, and a bottom retest, but it is my opinion this does not occur.

It's first stop? It's 'ATH' on opening day (169), where naturally would anticipate a reaction/stall/retrace, and further continuation up to the next level (175), where I'd again see a stall, ?retrace?, before finally making its way to the 188 price level (green hash-line). Time frame for this is not relevant, but with the current markets volatility increasing, and this still a new issue, might happen sooner than later.

It is here where depending on how price action moves at this level, I would determine if it makes it's way towards 200 or we see declines back towards the original breakout zone (green shaded area).

Will update as price hits any of these levels, above or below. Excited to watch it play out. Let me know your thoughts or if anyone is buying :)

(full disclosure: I do not own this stock at time of analysis, nor do I intend on purchasing at any time; consider for education only)

** These are based off current support resistance, supply and demand , and measured/forecasted moves.
Comment: Appears SPOT had no hesitation creeping above its initial day, all time high. Targets of 175 and 188 are still within reach. We'll see as price approaches.
Comment: SPOT moved faced resistance and closed off the second higher line suggested by its IPO week @ 175. The previous line at 168 faced the same difficulty the first time back there and took over a month to test the level again...will we see another prolonged dip again before making its way to the final forecast @ 188?
Comment: Almost to target; we've already seen support on the previous minor targets reached and perhaps may find support again before making a final push towards 188.
Trade closed: target reached: Target achieved; 30% since it's IPO week
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