The share of Spotify Technology SA (WKN: A2JEGN) has an intact long-term uptrend. Over the past twelve months, it has increased by around 65 percent. After setting a record high of $785.00 in June this year, the value swung into the Correction mode a. As part of a second downward wave, the price slipped below the June reaction low in intraday trading yesterday 6-month low of $603.15. The day before, the bears had already taken the paper below what had previously acted as support 200 day line pressed. The one formed yesterday High wave daily candle signals a tug of war between bulls at the price level reached. In order to improve the technical situation in favor of the bulls, they would have to get the price over the two hurdles at the end of the day $640.40-650.58 and $666.96-$673.16 transport. A pro-cyclical indication of an immediate resumption of the primary uptrend would only arise above the corrective downtrend line at currently $722.11. Looking at the bottom, a breach of support would occur $602.00/$603.15 generate a bearish connection signal. In this case, the chart technical focus would be on the next target and support area $574.00-$578.93. A sustained fall below it at the end of the day would further cloud the medium-term chart picture with downward risks towards USD 540.10, USD 511.60 and USD 475.01.
