Company Overview: The firm Spotify Technology SA, which has its headquarters in Luxembourg, provides online music streaming services. Users may play their favourite songs, find new tracks, and create unique collections by using the company's tools for discovering new releases, which include the newest singles and albums, playlists, which include ready-made playlists created by music lovers and professionals, and millions of songs.

As per our previous report published on SPOT on 19^th December 2022, Kalkine provided a ‘Buy’ stance on the stock at USD 73.08 based on “free cash flows availability with the company, upside indicated by valuation and key risks associated’, and the stock price has now moved by ~67%% since then and the stock has now moved above R1 and R2 mentioned in the report. 

Noted below are the details of support and resistance levels provided in our previous report:

SPOT’s Daily Chart

SPOT’s Daily Price Chart. Source: REFINITIV, Analysis by Kalkine Group  

Considering the target level attainment, solid run-up in SPOT stock over the past 1-month, leading momentum indicator indicating that SPOT shares have now charted into an overbought zone as 14-day RSI hovering around 87, a ‘Sell’ rating is assigned to “SPOT” stock at the closing market price of USD 122.57 (as of February 02, 2023).  

Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is February 02, 2023. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

Disclaimer

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