Spotify Enters Post-Rogan Era
Updated
Spotify's has returned to the initial jump price after Joe Rogan's 5/19 exclusive deal announcement. This price of around $178 correlates to both to the significant volume traded on that day and to the 38% Fibonacci entrancement zone. Moving forward, this will be a significant new support level as investors contend to Spotify becoming a dominant player in podcasting. Go long.
Comment
The market has already returned to its early March prices, effectively completing a 10-15% price correction. From this point forth, many stocks that have returned to similar levels will be trading in a more rational response to fundamental performance. Earnings reports, market reactions, and basic trends will be more important than the overall bullish attitude.
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