Spotify trapped in a hesitant place - Analysis - 08-09-2022

Spotify Technology's stock (SPOT) rose after leaning on the support of the upward correctional short-term trend line, with positive signals from the RSI after reaching oversold levels, lending it positive momentum, and countered by negative pressure from the 50-day SMA. 

Therefore we expect the stock to gain more ground, targeting the first resistance at 118.20, provided the support of 103.40 holds on.

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Expected trend for today: Bullish