Spotify suffers from negative pressures - Analysis - 14-06-2022

Spotify's stock (SPOT) declined in the intraday levels after announcing plans to acquire AI platform Sonantic, with the stock sliding 3.54%, or 3.62 points, settling at 98.61, with trading volumes matching 10-day averages at 2.4 million shares. 

The main downward trend continues to dominate in the medium and short terms, with negative pressure from the 50-day SMA, coupled with negative signals from the RSI.

Therefore we expect more losses for the stock, targeting the pivotal support of 89.00, provided the resistance of 118.20 held on.

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Expected trend for today: Bearish